FTSE 100 movers: Latin American hopes for SABMiller

27th Jan 2010 14:30

Shares remain lower and a rally in the FTSE 100 petered out at around lunch time. The index continues to drift downwards in the afternoon. Brokers UBS and Credit Suisse are both positive about brewer SABMiller. UBS highlights the long-term opportunities in the Latin American markets. UBS believes that margins can be improved as capacity is more fully utilised. Credit Suisse is also bullish about Latin America and it introduced SABMiller to 30 investors yesterday. MillerCoors earnings will be reported on 9 February. Hedge fund group Man is the worst performing blue-chip after Credit Suisse cut its price target for the stock from 320p to 300p. Earnings per share for the year to March 2010 have been downgraded by 5% to 25 cents.Elsewhere in the financial sector, the banks have been hit by an IMF report that the whole global bank sector needs to raise many billions more to shore up its finances. Royal Bank of Scotland leads the sector lower. Tullow Oil is raising £925m at 1,150p a share to fund its exploration and production activities a day after shareholders voted for its purchase of Heritage Oil's 50% stake in Blocks 1 and 3A in Uganda. Miners are also heading lower.FTSE 100 - RisersResolution (RSL) 81.00p +1.69%SABMiller (SAB) 1,684.00p +1.02%ICAP (IAP) 383.30p +0.87%British American Tobacco (BATS) 2,062.50p +0.86%Cobham (COB) 232.30p +0.78%Amec (AMEC) 745.50p +0.68%Cadbury (CBRY) 827.50p +0.67%Associated British Foods (ABF) 881.50p +0.51%BAE Systems (BA.) 355.10p +0.51%Sage Group (SGE) 238.90p +0.50%FTSE 100 - FallersMan Group (EMG) 246.10p -6.46%Royal Bank of Scotland Group (RBS) 32.99p -5.20%Tullow Oil (TLW) 1,158.00p -4.77%Xstrata (XTA) 1,041.50p -3.92%Fresnillo (FRES) 671.00p -3.87%Barclays (BARC) 266.10p -3.59%Wolseley (WOS) 1,385.00p -3.48%Compass Group (CPG) 428.90p -3.40%Legal & General Group (LGEN) 77.35p -3.13%Anglo American (AAL) 2,385.00p -2.93%