RAMSEY CROOKALL & CO
EVENING REPORT
27 OCTOBER 2010
Expectations of a weak opening on Wall Street put an end to London’s attempt to move into positive
territory, and losses lengthened again over the afternoon session.
Ad agency WPP enjoyed its fastest growth in a decade in the last three months chief executive Sir
Martin Sorrell said yesterday, as recovery in corporate earnings fed through into marketing spending.
In pharmaceuticals, GlaxoSmithKline is under the weather after it agreed yesterday to pay $750m to
settle charges that it made unadulterated drugs like antidepressant Paxil at the plant between 2001
and 2005.
DS Smith is in confident mood in the run up to December’s interim results, which the paper and plastic
packaging firm thinks will be way ahead of last year as the “encouraging” overall trading in the first
quarter continued into the second.
Elsewhere, Helphire, which supplies replacement vehicles to drivers involved in accidents, is already
predicting results for the year to June 2011 will be below current market expectations. The company,
which only published its 2010 results at the start of this month, blames high petrol prices and fewer
road miles being driven have led to lower accident rates.
Finally, Falklands oil explorers Desire Petroleum and Rockhopper Exploration have jointly contracted
for the use of the seismic data retrieval vessel MV Polarcus Nadia on their adjacent licences in the
North Falkland Basin.
THE FTSE 100 CLOSED DOWN 61 @ 5646
THE DOW JONES AT 4.30 IS DOWN 115 @ 11,054
THE NASDAQ COMP AT 4.30 IS DOWN 15 @ 2482
Exchange Rates
GBP – USD 1. 5781
GBP – EUR 1. 1451
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Wednesday 27th, October 2010 05:11pm.
