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Business FX Blog

Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

The idea of this column is to assist businesses in saving money on making or receiving payments in foreign currency. It is developed with all companies in mind from public companies with large and complex operations, to smaller companies and individuals.

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Home Markets Market 2008 FTSE: choppy ride

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FTSE: choppy ride PDF Print E-mail
Written by Gary Howes   
Tuesday, 23 June 2009 09:10
The FTSE 100 is down slightly by 0.06% at 9:45am after looking making early gains.

Information conglomerate Thomson-Reuters (LON:TRIL) leads the way.

It has confirmed it is to delist from the London Stock Exchange and NASDAQ, while retaining its listings on the Toronto and New York stock exchanges. Holders of the UK shares will receive common stock in Thomson Reuters Corporation on a one-for-one basis.

Lloyds Banking Group (LON:LLOY) is down this morning courtesy of a ratings downgrade by Moody's to its key operating units.

Moody's Investors Service lowered the Bank Financial Strength Rating (BFSR) of Lloyds Banking Group component Lloyds TSB from C+ to C.

Moody's also said the outlook was negative.

"The lowering of Lloyds TSB's BFSR by one notch to C incorporates the significant challenges lying ahead for the bank's management to continue the integration of HBOS and its subsidiaries, as well as the residual risk remaining in those assets that will not be covered under the Asset Protection Scheme" said Elisabeth Rudman, Vice President - Senior Credit Officer at Moody's and lead analyst for Lloyds.

Miner Anglo American (LON:AAL) is the worst performer after it flatly rejected Swiss-based rival Xstrata's merger approach as "totally unacceptable," adding that the proposals lacked "strategic merit".

Aggreko (LON:AGK), supplier of temporary power and temperature control, has maintained its guidance for the year, expecting profits in constant currency to be at similar levels in 2009 to those achieved in 2008. Headline revenues will grow by at least 20% and pre-tax profit will be 55% higher than last year.

Printing technologies group Domino Printing saw a 19% fall in like for like sales on a constant currency basis at the interim stage, as the economic downturn took its toll.

Military decoy specialist Chemring saw half-year profits and revenues surge due to the strong performance by the Energetics division. Profit before tax rose 44% to £29.9m (2008: £20.7m) on revenue that jumped 55% to £233.5m. Interim dividend was raised to 14p from 10p in the same period last year.