RAMSEY CROOKALL & CO
MIDDAY REPORT
13 OCTOBER 2010
Last night’s recovery on Wall St following the Federal Reserve’s hint at further
stimulus measures has boosted London early on despite a big bank cash call.
Standard Chartered, the emerging markets focused bank, is preparing for stricter
capital requirements for banks with a £3.26bn cash call. The company intends to
issue the shares at 1,280p on the basis of 1 new share for every 8 held.
Banks are lower on the concerns Standard may not be the only one to tap shareholders
in the near future. Barclays, Royal Bank of Scotland and Lloyds are all down.
Burberry’s underlying sales matched forecasts for the first half and the trendy clothing
group is predicting full-year adjusted profit will be in the top half of the range of
estimates. Underlying sales for the six months to 30 September jumped 17%, or 21% on
a reported basis, to £641m. Comparable store sales rose 9%.
Mexico based precious metals miner Fresnillo said silver production reached a record
level in the third quarter. Silver production hit 10.69m ounces, while gold production
was also on the up, with 91,822 ounces of the yellow stuff unearthed in the third quarter,
a 44.4% increase on the corresponding period of last year. The company said it on track
to achieve its production targets for 2010 of 340,000 ounces of attributable gold and
41.1m ounces of silver.
Other miners are also going well. Rio Tinto and Antofagasta are the best of the rest.
Finally, Rockhopper, the oil and gas explorer that’s found oil in the North Falkland Basin,
is mulling fundraising options and warns resource estimates for its Sea Lion discovery are
currently about 30% less than predicted in June due to a lack of data.
THE FTSE 100 CLOSED UP 71 @ 5733
THE DOW JONES CLOSED UP 10 @ 11,020
THE NASDAQ COMP CLOSED UP 15 @ 2417
Exchange Rates
GBP – USD 1. 584
GBP – EUR 1. 134
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