RAMSEY CROOKALL & CO
MIDDAY REPORT
12TH NOVEMBER 2010
London has opened lower, with sentiment not helped
by a mild profit warning from Rolls-Royce and a
bad-tempered G20 meeting.
Aero-engine maker Rolls-Royce is one of the few
risers in fact, despite warning solving the problems
on its Trent 900 engine will mean it making less
money than expected in 2010.
Miners, though, are big fallers this morning on
disappointment with the outcome at the G20 meeting
and the possibility of a currency free-for-all.
Xstrata, Antofagasta, ENRC and Anglo American are
all under pressure.
Oilfield services firm Petrofac has won a three
year contract from Maersk Oil. The contract, worth
more than £40m, is for the provision of engineering
services to the UK Continental Shelf assets of Maersk.
Year on year revenue growth quickened in the third
quarter at media agency Aegis. Total group revenues
in the third quarter were 8.8% higher than in the
corresponding quarter of 2009. Revenues in the first
nine months of 2010 were 4.4% higher than a year earlier.
Housebuilder and contractor Kier's construction
businesses are offsetting a slow start to its homes
arm as the housing market struggles, while Hornby is
making “encouraging progress” and the toy company that
owns the Corgi and Airfix brands says its new Scalextric
range is selling like hot cakes in the run up to Christmas.
THE FTSE 100 AT 10.15AM IS DOWN 10 @ 5804
THE DOW JONES CLOSED DOWN 73 @ 11,283
THE NASDAQ COMP CLOSED DOWN 23 @ 2555
Exchange Rates
GBP – USD 1.60
GBP – EUR 1.17
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