RAMSEY CROOKALL & CO
EVENING REPORT
27 JULY 2010
The FTSE 100 drifted back from morning highs after an initial fall on
Wall Street. Banks led the way after Swiss peer UBS beat earning estimates
and by rumours that banking regulator the Basel Committee is set to lower
its minimum capital and liquidity requirements.
Barclays, Lloyds and Royal Bank of Scotland were the top risers. Net profit
at UBS in the second quarter came to 2 billion Swiss francs from a loss of
1.4 billion francs last time.
BP confirmed Tony Hayward is to step down as chief executive on 1 October
to be succeeded by fellow executive director Bob Dudley. The group also
unveiled a $32.2 billion charge for the Gulf of Mexico oil spill and reported
a headline loss of $17 billion for the second quarter.
Shares in ARM are slightly lower, even after revenues and profits continued
soaring at the chip designer in the second quarter as it continued to see
strong demand for its technology from makers of mobile ‘phones and other
must have gadgets. It posted a pre tax profit of ?43.5 million in the three
months to June 30, up from ?16.3 million over the same period the previous year.
The shares are down 12p at 334p.
Diversified mining group Xstrata saw a small decline in copper production in
the first half of 2010 but ferrochrome output rebounded strongly.
InterContinental Hotels is leading the fallers after it emerged that the
Barclay brothers, the owners of the Daily Telegraph, have sold their 10%
stake in the Holiday Inn owner. Shares in Whitbread, the Premier Inn owner
have also fallen.
THE FTSE CLOSED UP 14 @ 5365
THE DOW JONES AT 4.30 IS DOWN 5 @ 10,521
THE NASDAQ COMP AT 4.30 IS DOWN 11 @ 2284
Exchange Rates
GBP – USD 1. 553
GBP – EUR 1. 197
Tuesday 27th, July 2010 05:11pm.
