RAMSEY CROOKALL & CO
MORNING 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 43 @ 5772
THE DOW JONES CLOSED DOWN 73 @ 11,283
THE NASDAQ COMP CLOSED DOWN 23 @ 2555
Exchange Rates
GBP – USD 1.61
GBP – EUR 1.18
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