RAMSEY CROOKALL & CO  27th June 2012

Evening Report

The FTSE 100 closed up 1.4% at 5523.92, rallying late in the session. Strong U.S. economic data helped as well as confirmation of the financial aid programs for Cyprus and Spain. Wolseley ends 3.48% higher, boosted by the U.S. pending home sales report. Barclays rose despite paying GBP290 million to settle the probe into the manipulation of interbank lending rates. The bank rises along with its peers as sentiment warms across equity markets. All eyes will be on the EU summit, which begins Thursday.

Evraz fell to its lowest price since it began trading on the index in November, with investors likely to be concerned by an announcement from a major steelmaker in Germany, Salzgitter AG, in which it said it in no longer able to forecast that it's steel division will break even in 2012.

Banks were among the best performing stocks early on following slight falls the day before. Royal Bank of Scotland was a high riser, rebounding after its recent technical issues at Natwest. Lloyds and Barclays were also higher.

Emerging markets-focused lender Standard Chartered rose after saying that the robust income growth seen in the first quarter continued into the second, although FX movements are still limiting the increase. 

Commodities marketer and producer Glencore International fell after confirming rumours that it is looking into shaking up management incentive arrangements as part of its multi-billion dollar merger with mining giant Xstrata.

The 40-day "quiet period" for analysts at banks that underwrote the Facebook IPO came to an end today, and the new voices are a mixed bag. The social-media network receiveed eight buy ratings, seven hold ratings, and one sell rating.

A California judge has issued an injunction banning U.S. sales of Samsung's Galaxy Tab 10.1 touch screen tablet, or any similar device, at the request of Apple.

THE FTSE 100             closed           Up       76       @      5,523 THE DOW JONES            @ 17:00          Up       86       @     12620 THE NASDAQ               @ 17:00          Up       25       @      2879 Exchange Rates GBP – USD        @      17:00               1.5505 GBP - EURO      @      17:00              1.2482