RAMSEY CROOKALL & CO
MORNING REPORT
29 JULY 2010
London’s blue chips are higher in early dealings as investors digest
this morning’s corporate figures.
Astrazeneca shares are up 4% at ?33.30. The group’s potential blockbuster
heart drug Brilinta has received the backing of a US advisory panel just
as the drug giant increased 2010 earnings targets for the second time this
year following a strong performance from emerging markets and key drugs
in the second quarter.
Royal Dutch Shell has trumped forecasts by almost doubling earnings in
the second quarter and has exceeded targets set last year for costs and
staff cuts. Earnings on a current cost of supplies basis came in at $4.5
billion up from $2.3 billion a year ago.
BT reported a 17% rise in pre tax profits in the first quarter and reiterated
its full year outlook. The firm also said it is in talks with the government
over plans to cut public spending.
Shares in defence firm BAE Systems rise 9p to 326p as the company continues
to expect revenue growth in 2010 despite the threat of cutbacks in government
spending. The company saw sales grow 9% in the first half of 2010.
British Sky Broadcasting posted slightly better than expected full year figures
but warned that the economic outlook remains uncertain. Underlying operating
profits were up by 10% in the 12 months ended 30 June to ?855 million.
Rolls Royce expects 2010 profit to be modestly higher than 2009 after a
‘robust performance’ in the first half of the year. Group revenue in the six
months to 30 June 2010 rose to ?5,421 million from ?5,142 million. The shares are
trading up 12p at 600p.
THE FTSE AT 10.00 IS UP 35 @ 5354
THE DOW JONES CLOSED DOWN 39 @ 10,497
THE NASDAQ COMP CLOSED DOWN 23 @ 2264
Exchange Rates
GBP – USD 1. 564
GBP – EUR 1. 196
Thursday 29th, July 2010 11:11pm.
