RAMSEY CROOKALL & CO 9th August 2012

Morning Report

The FTSE 100 is flat at 5843.40, falling a touch following the release of UK trade balance data for June. A third successive fall in imports points to soft domestic demand although this was partly due to lower oil prices overall. Meanwhile, Standard Chartered is still the biggest gainer on the FTSE 100, up 4.4% as criticism emerges of the NY regulator's probe into the  group.

Gold miner Randgold Resources saw profits surge in the first half of 2012 on the back of a record performance from its flagship Loulo-Gounkoto complex in Mali. Shares jumped in the opening hour.

Heading the other way was engineering and consultancy group AMEC  despite saying it is on track for double-digit underlying revenue growth this year as sales jumped by over a third in the first half. The firm did not that its EBITDA margin slipped in the first half, and while it is expected to improve in the second half, it will be lower than the previous year.

Struggling insurance giant Aviva edged higher despite reporting a 10% fall in half-year operating profits as foreign exchange fluctuations and restructuring costs hit the bottom line.

Meanwhile, banking group Standard Chartered was a high riser as it continues to rebound from its 16% drop on Tuesday on the back of alleged dealings with the Iranian government.

Shares in online grocery group Ocado took a hit this morning after UBS downgraded the stock from 'neutral' to 'sell', saying that consensus estimates are too bullish for next year and there is evidence of demand growth slowing.

THE FTSE 100              @ 10:00          Down       2       @      5,843 THE DOW JONES            closed            Up         7       @     13175 THE NASDAQ               closed            Down       4       @      3011 Exchange Rates GBP – USD        @      10:00                    1.5648 GBP - EURO      @      10:00                    1.2683