RAMSEY CROOKALL & CO
MIDDAY REPORT 16th DECEMBER 2010
Shares are in indecisive mode again this morning though company updates have
sparked investor interest.
News last night that the US government is to sue BP over the Gulf of Mexico oil
spill has sent shares in the oil giant lower, though not drastically. It filed a
civil lawsuit against BP and eight other companies over the Deepwater Horizon oil
rig explosion and the subsequent oil spill in the Gulf of Mexico.
The complaint, which has been filed at a District Court in New Orleans, names eight
other defendants including the insurer Lloyds of London, rig owner Transocean and
oil exploration group Anadarko. The US is seeking unlimited damages.
Also in the oil sector, BG Group has hit a purple patch, announcing its second discovery
in as many days, this time in the Santos Basin, offshore Brazil, where the eleventh well
on the BM-S-11 concession struck oil. The well, in the western Tupi area 275 kilometres
off the coast of Rio de Janeiro State and 11 kilometres northwest of the original Tupi
discovery well, drilled down over 2,000 metres. Oil samples confirmed the presence of a
light oil accumulation and the well encountered a 90-metre reservoir section on the
western flank of Tupi helping further delineate the size and quality of the field,
BG said Thursday.
Elsewhere, Sports Direct is in demand after it posted a sharp rise in profits in the half
year to 24 October as the football World Cup and strong growth in internet shopping boosted
sales, but the sports shop chain is anticipating a tough start to the new year. Underlying
pre-tax profits were up to £100.7m, from £71.9m the previous year on revenues that climbed
to £819.9m from £756.9m. “The group has continued to perform strongly during the first
eight months of this financial year,” said boss Dave Forsey.
Finally, real estate company Segro, formerly Slough Estates, has shifted finance director
David Sleath into the hot seat to replace Ian Coull who retires after the AGM in April.
Sleath, 49, has been the company’s chief number cruncher since 1 January 2006, and his switch
triggers a hunt for a new FD.
THE FTSE 100 AT NOON IS UP 9 @ 5892
THE DOW JONES CLOSED DOWN 19 @ 11,457
THE NASDAQ COMP CLOSED DOWN 10 @ 2202
Exchange Rates
GBP – USD 1.55
GBP – EUR 1.17
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