RAMSEY CROOKALL & CO
MORNING REPORT
29 SEPTEMBER 2010
London has given back its early gains despite the decent close on Wall Street overnight.
In company news, British Airways has finally signed its well-flagged transatlantic
ticketing and revenue share agreement with American Airlines and merger partner Iberia.
It starts in October and is worth a combined $7bn in annual revenues.
Smiths Group has ramped up full-year headline profit by 17% and is delivering on its
cost savings ahead of plan, but the diversified high-tech group warns that growth in
both sales and profit will be slower this year.
Miners are the main fallers alongside the normal Wednesday ex-dividends, which this
time includes Drax and Inmarsat.
Also,fast growing pizza delivery franchise operator Domino’s Pizza has not been growing
quite so fast in the last three months but still notched up an enviable increase in like
for like (LFL) sales. In the 13 weeks to 26 September LFL sales were 9.9% higher than a
year earlier, while in the year to date LFL sales were up 12.5% on a year earlier.
Finally, energy supplier Scottish and Southern Energy (SSE) has assured the market it is
on course to deliver on its pledge of above-inflation dividend increases.
THE FTSE 100 AT 10.15 IS DOWN 17 @ 5560
THE DOW JONES CLOSED UP 46 @ 10,858
THE NASDAQ COMP CLOSED UP 9 @ 2379
Exchange Rates
GBP – USD 1. 58
GBP – EUR 1. 164
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Wednesday 29th, September 2010 11:11pm.
