RAMSEY CROOKALL & CO 26th June 2012

Evening Report

The FTSE 100 ends down 0.1% at 5446.96, having traded for most of the session in a tight range. Royal Bank of Scotland leads the downside, falling 3.8% as investors continue to fret about the health of the euro zone. Bank of England Governor Mervyn King said today that the U.K.’s Financial Services Authority should carry out a full investigation into the IT breakdown.

China plans new measures aimed at boosting the flow of its currency between Hong Kong and the mainland, with the announcement being timed to coincide with President Hu Jintao's visit to the city, people familiar with the matter say.

Consumers' mood on the US economy sours for the fourth month in a row as anxiety about the outlook ticks higher, according to the Conference Board, whose consumer confidence index eases to 62 from 64.4 in May. Economists expected a reading of 63.

Moody's lowered its long-term ratings on 28 Spanish banks by one to four notes and lowers two issuer ratings, pointing to the country's reduced creditworthiness. Croda International gained 2.65 percent after JPMorgan raised its recommendation for the world’s second- largest maker of cosmetic ingredients to overweight from neutral, meaning investors should buy the shares.

Shire added 2.9 percent as Berenberg Bank raised its recommendation for the drugmaker to buy from hold, saying yesterday’s selloff, the biggest in nine years, presented a buying opportunity.

William Hill Plc rose as JPMorgan raised the betting company to overweight from neutral.

THE FTSE 100 CLOSED                    DOWN 3 @      5,446 THE DOW JONES            @ 17:00      Up         4     @     12506 THE NASDAQ              @ 17:00       Up         5     @      2841

Exchange Rates GBP – USD        @      17:00            1.5618 GBP - EURO      @      17:00            1.2524