RAMSEY CROOKALL & CO May 24th 2012

Evening Report

The FTSE 100 closed up  1.6% higher at 5350.05, as investors put worries about Greece to one side and took the opportunity to pick up beaten-down stocks. The mining and oil sectors fared best in today’s “risk on” trade.

Commodities prices improved on Thursday, buoying the share prices of some blue-chip miners and oil stocks, including Randgold, Vedanta, Amec, BP and BG Group.

United Utilities was higher after saying that it has seen a marked improvement in customer satisfaction in the last year or so, and it is on track to meet regulatory out-performance targets.

Oil titan Shell was another strong riser after extending the offer deadline for AIM-listed Cove Energy after its previously recommended offer was trumped by Thai firm PTT Exploration and Production (PTTEP) on Wednesday.

ARM Holdings was also up after Peel Hunt has reiterated its buy recommendation and 650p target price for chip designer, saying that the stock is a 'must-have' following its investor day yesterday.

International mobile operator Cable & Wireless Communications jumped over 17% after underlying earnings came in at $901m in the year to the end of March, better than the $887m estimate. Investors didn't seem too phased that the group expects to halve its dividend in the current year.

THE FTSE 100             closed           Up        83       @      5,350 THE DOW JONES            @ 17:00         Down      7        @     12488 THE NASDAQ               @ 17:00          Down      8        @      2841 Exchange Rates

GBP – USD       @      17:00                 1.5696 GBP - EURO     @      17:00                 1.2473

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