RAMSEY CROOKALL & CO
EVENING REPORT
9TH NOVEMBER 2010
Investors creamed off profits over the lunchtime session.
Miners moved higher as precious and non-precious metals jumped in price.
Gold miners Petropavlovsk, African Barrick and Randgold Resources posted
good gains after the yellow metal advanced to a new record amid concerns
over the European debt situation.
Copper prices advanced on strong Chinese car sales, boosting the likes of
Antofagasta, which mines for the red metal in South America.
Primark and British Sugar owner Associated British Foods had a record
year with group revenue up 10% to £10.2bn and adjusted profit before tax
up 26% to £825m
Barclays is in demand after it eked out a small increase in nine-month
profits, as a doubling of profit at the investment banking arm offset huge
impairment charges at the Spanish business. The bank has made £4.27bn so
far in 2010, up 4% on the same time last year, or 6% to £4.24bn excluding
movements on own credit, gains on acquisitions and disposals and gains on
debt buy-backs. Impairment charges were slashed by 31% to £4.30bn.
Finally, fund manager Schroders has muscled its way to the top of the Footsie
leaderboard, seeing off competition from several other heavy hitters that have
made trading updates today. Profits rocketed at Schroders during the third
quarter to more than twice the figure for last year thanks in part to net
inflows of £5.4bn since the end of June.
THE FTSE 100 CLOSED UP 25 @ 5875
THE DOW JONES AT 4.30 IS DOWN 8 @ 11,054
THE NASDAQ COMP AT 4.30 IS THE SAME @ 2579
Exchange Rates
GBP – USD 1.61
GBP – EUR 1.16
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