RAMSEY CROOKALL & CO
EVENING REPORT 15TH DECEMBER 2010
Banks dragged Britain's top share index lower today, after Moody's said it may downgrade
Spain's debt rating and as miners were hit by a firmer dollar pushing metals prices down.
The FTSE 100 was down 16.65 points, or 0.3 percent, at 5,874.56, having ended up 0.5
percent at 5,891.21 on Tuesday, its highest close since June 2008.
Banks were the biggest fallers on London's blue-chip index, led down by a 3 percent slide
in Barclays as euro zone debt worries resurfaced.Barclays closed down 8 at 262p.
Moody's put Spain's Aa1 rating on review, citing concerns about its mounting debt and
2011 funding needs, though it did not expect Madrid to need an EU bailout
Elsewhere, a cautious announcement from the U.S Federal Reserve also knocked sentiment.
Overnight, the Fed said the economic recovery was still too slow to bring down unemployment,
and reaffirmed its commitment to buy $600 million in government bonds.
In company news, Simon Property has written to Capital Shopping Centres (CSC), today’s
top riser in the FTSE 100, outlining an indicative proposal worth 425p a share in cash,
or almost £3bn, from US mall owner Simon Proeprty Group.
CSC points out that any bid is subject to financing. The CSC board is meeting today.
Hammerson has sold its joint venture that owned the Bishops Square building in London
to JPMorgan Asset Management. Hammerson owned 255 of the joint venture and will receive
£79m – a book gain of £34m.
United Utilities heads the fallers after it went ex-dividend. The fall is nearly double
the 10p a share interim dividend.
Finally, Barclays has been hit by worries about Spain’s debt rating.
THE FTSE 100 CLOSED DOWN 9 @ 5882
THE DOW JONES AT 4.30 IS UP 35 @ 11,512
THE NASDAQ COMP AT 4.30 IS UP 3 @ 2215
Exchange Rates
GBP – USD 1.56
GBP – EUR 1.17
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