RAMSEY CROOKALL & CO
EVENING REPORT 21 DECEMBER 2010
The FTSE 100 was still going strong after a decent start on Wall Street. The
6,000 point mark – not seen since the first half of 2008 – is in sight.
With copper prices at a record in London on hopes that strength in the US will
help sustain global economic growth, miners such as India’s Vedanta and Mexican
silver specialist Fresnillo are going well.
Elsewhere, banks are also strong, with good gains for Barclays, RBS and Lloyds.
Reports, since played down, that Business secretary Vince Cable could walk away
from the coalition may have spurred some interest as the bonus season approaches.
Shares in Carnival steamed ahead after the cruise operator posted strong earnings
for the fourth quarter and issued a bullish update for 2011. The company, which
operates P&O and other brands, was helped by a gradually recovering economy. Fourth
quarter earnings rose to $0.31 a share from $0.24 in the same period the previous year.
Revenues rose to $3.5bn from $3.3bn.
In other company news, AstraZeneca is to stop all development work on its fledgling
respiratory drug motavizumab, resulting in a $445m impairment charge this quarter.
Astra had already flagged up this possibility and has been considering the future
of motavizumab since August.
Lamprell, a provider of engineering services to oil & gas companies, is looking for
a new finance chief after Scott Doak decided to call it a day. The 48-year-old, who’s
been with the group since March 2007, will leave by the end of 2011 “to pursue other
interests”.
THE FTSE 100 CLOSED UP 60 @ 5951
THE DOW JONES AT 4.30 IS UP 41 @ 11,519
THE NASDAQ COMP AT 4.30 IS ` UP 13 @ 2662
Exchange Rates
GBP – USD 1.54
GBP – EUR 1.17
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