RAMSEY CROOKALL & CO
3rd February 2012
Evening Report
The FTSE 100 finished up 1.8% at 5901.07 after another day of better-than-expected US
economic data, with the highlight being the estimate-beating US nonfarm payrolls report
for January. The ISM non-manufacturing report also beat expectations, supporting the
bullish tone.
Mining shares weighed on the index after yesterday's strong rise with Rio Tinto,
BHP Billiton, Kazakhmys and Antofagasta among the worst performers. Xstrata and
Glencore however, were made gains a day after announcing that they are in talks
about a merger of equals to create a giant company valued at around £52bn.
Admiral jumped into the top spot after extending its existing UK car insurance
reinsurance partnership with Hannover Re, Mapfre Re, New Re and Swiss Re until 2014.
"Reinsurance has been at the core of Admiral's successful business model since 2000
and we look forward to continuing our mutually beneficial relationships with our
partners for many years to come," said Chief Executive Officer Henry Engelhardt.
Telecoms giant BT headed north, after profits jumped 48% in the third quarter,
as the firm announced that it now expects to achieve earnings above £6,000m
this year.
Elsewhere, British Gas owner Centrica was on the rise after analysts suggested
it could return up to £1.2bn to shareholders.
Savings, investments and insurance group Old Mutual rose on news it has announced
plans to return around £1bn of net proceeds to shareholders in a special dividend
payment, resulting from the proposed sale of its Nordic business or £2.1bn. The
remaining £1.1bn generated from the sale will be used to reduce debt.
THE FTSE 100 closed Up 105 @ 5,901
THE DOW JONES @ 17:00 Up 132 @ 12,837
THE NASDAQ @ 17:00 Up 42 @ 2,901
Exchange Rates
GBP – USD @ 17:00 1.5779
GBP - EURO @ 17:00 1.2039
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