RAMSEY CROOKALL & CO 28th September 2012

      Morning Report

The FTSE 100 trades up 0.4% at 5800.27, tracking gains in the US Thursday, amid relief over Spain's 2013 budget. Mining and financial stocks are the best performers. Outside the FTSE 100, London Stock Exchange shares fall as investors fear new regulatory reforms will hit the company's profitability.

Nick Buckles, Group Chief Executive Officer (CEO) of security firm G4S, is to keep his job after dodging the blame in the group's internal report into the Olympics staffing fiasco. David Taylor-Smith, Chief Operating Officer and Regional Chief Executive Officer of UK and Africa, and Ian Horseman Sewell, Managing Director, G4S Global Events, have been thrown under the bus, however, leading to a shake-up in the management structure of G4S.

Car insurer Admiral is lower after the Office of Fair Trading referred the private motor insurance market to the Competition Commission, as it is concerned that the market is not working well for motorists.

Electronics components distributor Electrocomponents is under the cosh after it issued a profit warning. First half performance is now expected to be lower than anticipated, although the group expect profits in the second half to benefit from a combination of a return to sales growth and actions to improve operating margins.

Pubs owner Mitchells and Butlers said like-for-like (LFL) sales increased 3% in the nine weeks to September 15th as the Olympic and Paralympic Games had little impact on overall sales. Total LFL sales for the 51 weeks to September rose 2.1% with food sales up 2.9% and drink sales up 1.4%.

Vodafone has seen its price target slashed at Goldman Sachs, to 227p from 233p. Analysts at HSBC have upgraded their view on shares of Tesco to overweight.

THE FTSE 100             @ 10:00           Up       20       @      5799 THE DOW JONES            closed            Up     72       @     13485 THE NASDAQ               closed            Up       42       @      3136

Exchange Rates GBP – USD        @       10:00                       1.6224 GBP - EURO      @       10:00                       1.2534