Ewan Fraser is at the top of his profession. Aged 44, he is Extel's number two ranked metals sector analyst. Educated at Eton and Christ Church, Oxford he took a first class degree in Modern History and stayed on to complete a PhD, before joining Rowe Rudd as electronics analyst in 1972. Three years later, he left to follow engineering and metals at James Capel where he stayed ever since. Despite his protestations that "my day is never typical" he gave this breakdown of a typical day.
7.00 Leaves house in north London. Reads Financial Times on the journey.
7.45 Arrives at James Capel's office in Bevis Marks in the heart of the City. Quick scan of the business pages of the other "heavies" - Times, Telegraph, Guardian and Independent and chat to other two analysts in Capel's engineering team.
8.00 The morning meeting. Held on the trading floor and attended by all the firm's 70 salesmen, plus analysts. Any analyst who has anything to announce - overnight developments, results expected, takeover news - speaks at the microphone in the middle of the room. The salesmen listen intently. Capel's offices in the Far East and Europe also listen in. In New York, the firm's traders will hear a recording when they arrive for work. Fraser takes the stand to discuss the impact of British Steel prices on British Steel. He tells the salesforce the shares are more a buy than a sell with some risk involved."
8.30 The meeting ends. Fraser returns to his desk to write up his contribution for the morning meeting notes. Sent to clients, they are a detailed digest of the meeting.
9.30 Fraser leaves the office for a results briefing for analysts from one of the major companies he follows - British Steel, ASW, Glynwed, IMI. When the meeting ends, he phones through his views to the rest of his team. One of his colleagues takes the microphone and gives a quick rundown of Fraser's views.
10.30 Returns to Bevis Marks and takes over to give a fuller picture.
10.40 Fraser returns to his desk and begins calling 40 to 50 institutional clients with his reaction and views. It could take two days before he speaks to them all. Meanwhile, he is constantly watching the Topic share prices screen and keeping an eye on the wire services for any news and announcements. Colleagues and clients constantly phone with market stories and rumours for his advice and for him to check.
12.30 Lunch in the office with a group of fund managers from one of Capel's institutional clients - Allied Dunbar, Barings, Eagle Star, Coal Board Pension Fund. Fraser is pressed for his views in the market and his sector.
2.30 Afternoon meeting. Same as the morning but not as long. Fraser takes the stand, to comment on the day's events in engineering and steel. New York listens in.
2.45 Continues calling clients. Starts writing up a fuller paper on the results.
4.00 Deadline for the paper. Fraser sends his copy to the communications department. His words will land on clients' desks in the morning. He catches up on the day's gossip. A journalist calls with a story. Fraser gives his opinion.
4.30 This is the time when the stock market closes. This doesn't affect Fraser at all as James Capel's traders carry on dealing after hours and New York is still open.
6.00 He heads home.