RAMSEY CROOKALL & CO

9th November 2012

Evening Report

The FTSE 100 closed 0.11% lower, with cyclical sectors providing a drag on concerns over the global economy. ENRC, EVRAZ & Xstrata led resources lower, while Barclays, Aviva & Lloyds were also registering losses

Car Insurance giant Admiral was the highest riser of the day after Bank of America hiked it’s rating of the stock by two notches from “underperform” to “buy”.  Rolls-Royce wa also rising following a reiteration by Investec of their "Buy" recommendation.

IAG was flying higher after revealing details of a “transformation plan” to get its loss- making Spanish Airline, Iberia, back on track, which includes layuing off 4500 staff. To accompany its 3rd quarter results, which saw a sharp decline in bottom line figures, the company said that a restructuring is needed to “save” Iberia and return it to profitability.

BP plc fell 0.66%, after the oil firm was ordered to pay $255 million to the state of Alaska for two oil spills in 2006.

HSBC meanwhile is investigating a leak of confidential information regarding client; account in Jersey, amongst allegations that criminals are using the lender in Jersey to channel funds.

THE FTSE 100 closed      Down 6.37 @ 5769

THE DOW JONES at 4:55 Up 36 @  12847

THE NASDAQ COMP at 4:45 Up 21 @   2916 Exchange Rates

GBP – USD           1.5908 GBP - EURO          1.2513