RAMSEY CROOKALL & CO
MORNING REPORT
3 DECEMBER 2010
The FTSE 100 has drifted lower with the freezing temperatures and transport chaos keeping
many City folk away from work.
All eyes will be on the US non-farm payrolls report at lunchtime, but ahead of that data
there has been some profit taking after the big gains of the previous two days.
Mining giant Rio Tinto is to be the junior partner in a joint venture (JV) with Chinalco.
The new company has been formed to explore mainland China for world-class mineral deposits.
Rio Tinto will own 49% of the JV and will appoint the chief executive of the new company.
Elsewhere, Premier Foods admitted today it has received bids for its meat-free business
from multinational food groups and private equity firms. There has been speculation that
Nestlé is to buy the unit.
E-learning group Promethean World is teaching its investors some harsh lessons about new
issues with a second profit warning since its listing in March.
Promethean World says order deferrals mean fourth quarter revenues will be lower than in
the same period last year and full year results will be below market expectations.
Finally, pub group and brewer Greene King posted record first half revenues as Scottish
subsidiary Belhaven and its retail division stormed ahead. Underlying profits in the half
year to Mid-October jumped 17% to £73.1m, from £62.4m, on sales up 4.2% to £484m.
THE FTSE 100 AT 9.40 IS UP 1 @ 5768
THE DOW JONES CLOSED UP 106 @ 11,362
THE NASDAQ COMP CLOSED UP 22 @ 2185
Exchange Rates
GBP – USD 1.55
GBP – EUR 1.18
Friday 3rd, December 2010 10:11pm.
