RAMSEY CROOKALL & CO
MIDDAY REPORT 18th January 2011
Blue chips have rallied following a strong performance in Asia this
morning, renewed demand for the miners and some good trading updates.
Brewer SABMiller helped more drinkers in Africa and China quench their
thirst during the third quarter, sending organic lager volumes up 3%.
The owner of Peroni and Grolsch says volumes, stripping out the effects
of acquisitions and disposals, were up 2% in the first nine months of the
financial year.
Elsewhere, bumper demand for outdoor coats and other luxury accesssories
meant a storming third quarter for Burberry with revenue up by 30% and profits
now set to hit the top end of forecasts this year. "The Burberry team delivered
a 30% increase in revenue in the third quarter, with strong, consistent growth
in both retail and wholesale and in every product division and region," chief
executive Angela Ahrendts said.
State-owned lender Royal Bank of Scotland (RBS) has sold its majority stake in
care homes operator the Priory Group. Private equity firm Advent International
is buying the business for an enterprise value of up to £925m. RBS expects to
receive gross equity proceeds of up to £133m in cash.
Miners are strong led by Vedanta, Kazakhmys and ENRC.Rio Tinto’s global iron
ore operations set a new quarterly production record in the final three months of
2010. The group produced 65m tonnes in the final quarter of last year, up from
50m tonnes the year before, taking 2010 production up to a record 239m tonnes,
versus 185m tonnes in 2009.
Finally, credit checking company Experian enjoyed double-digit revenue growth during
its third quarter as performances overseas put the UK & Ireland in the shade.
Revenue both on an actual basis and at constant exchange rates was up 12% in the
three months to 31 December, with organic growth at 8%.
THE FTSE 100 AT NOON IS UP 71 @ 6057
THE DOW JONES CLOSED UP 55 @ 11,787
THE NASDAQ COMP CLOSED UP 20 @ 2755
Exchange Rates
GBP – USD 1.59
GBP - EURO 1.19
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