RAMSEY CROOKALL
DAILY REPORT
9 MARCH 2010
Disappointing UK trade figures knocked the FTSE 100
early with little help likely from the US as futures
pointed to a weak start on Wall Street.
Data from the Office of National Statistics showed
the UK’s deficit on trade in goods widened to £7.99
billion from £7.01 billion the previous month, about
£1 billion more than economists had predicted.
Antofagasta has also slipped back, though not so far
as some of its mining peers such as Kazakhmys and
Rio Tinto. Lower copper prices hit Chile – based
miner and railway owner’s earnings last year. Net
earnings fell to $668 million compared with $843
million in 2008. Copper production was 442,500 tonnes
ahead of the original forecast.
Banks are out of favour after rating’s agency Moody’s
said it may downgrade the ratings of some UK lenders
after the government removes support for the banking
sector. Although Moody’s did not name which banks it
had in mind for a downgrade, the two part-nationalised
lenders, Royal Bank of Scotland and Lloyds Banking are
regarded as the most likely suspects.
Car dealer Lookers said full year profit increased by
£26.4 million after a strong performance from its parts
division. Adjusted profit before tax for the year
ended 31 December 2009 increased by 102% to £28.3 million.
Aer Lingus said operating losses quadrupled in 2009,
though the Irish airline made a profit in the second
half of the year. Operating losses, before exceptional items,
widened to €81 million from €20 million last year.
THE FTSE 100 WAS down 4 @ 5602
WALL STREET THE LATEST DOW JONES WAS up 21 @ 10,574
NASDAQ WAS up 11 @ 2344
and that was today’s Ramsey Crookall & Co’s market report.
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