RAMSEY CROOKALL & CO

EVENING REPORT

25 NOVEMBER 2010

The FTSE 100 is more or less back to where it started the day after a quiet lunch time session, though investors continue to be excited about shopping centre owners.

Capital Shopping Centres Group (CSC), the shopping centre arm of what used to be Liberty International, raced ahead after it put pen to paper to purchase Manchester’s Trafford Centre in a deal worth £1.6bn. US shopping mall owner Simon Property would have preferred that CSC hold off on the deal, however, as it was pondering a bid for the UK company at a premium to CSC’s net asset value.

Elsewhere, WS Atkins was in demand. The engineering contractor reported a fall in revenues and profits in the half year to September 30 as it cut back on staff to cope with difficult conditions and said that the results of recent government spending revenues were broadly as expected, though some uncertainty remains.

Profits soared at the Chile-focused copper miner Antofagasta in the nine months to September 30 as prices for the red metal recovered from the economic crisis. Earnings before interest, tax, depreciation and amortization (EBITDA) jumped to $1.96bn (£1.24bn) on revenues that climbed to $3.17bn from $2.02bn.

Food ingredients firm Tate & Lyle is to sell its molasses business to Belfast grain trader W&R Barnett for £67m in cash. Proceeds from the sale will be used to reduce net debt.

Finally, water and waste group Pennon managed a small increase in half-year profit as a big jump at recycling business Viridor offset a decline at South West Water. Profit before tax for the six months ended 30 September grew 0.7% to £96.2m, with Viridor contributing £28.6m, up 29%, and South West Water £70.2m, down 0.6%.

THE FTSE 100 CLOSED UP 41 @ 5698

THE DOW JONES at 4.30 CLOSED THANKSGIVING DAY

THE NASDAQ COMP AT 4.30 IS CLOSED THANKSGIVING DAY

Exchange Rates

GBP – USD 1.5774 GBP – EUR 1.1802