RAMSEY CROOKALL & CO May 10th  2012

Morning Report

The FTSE 100 is down 0.2%, choppy, giving up gains following the release of economic data. UK industrial production fell 0.3% on the month in March, in line with market expectations, however UK manufacturing figures came in stronger than expected, rising 0.9% vs the consensus expectations of a 0.5% rise.

Miners were performing despite concerns of demand from China, as stocks claw back after a recent fall. Polymetal, Kazakhmys and ENRC were among the best performers with the latter making gains despite seeing a "significant" decline in group revenue in the first quarter, mainly as a result of a strong comparator and falling commodities prices.

Risk, savings and investment management provider Legal and General rose strongly after appointing its Chief Financial Officer (CFO) Nigel Wilson as its new Chief Executive Officer (CEO), replacing Tim Breedon when he steps down from the board next month.

Telecoms titan BT was lower after full-year revenue slipped 4%. Underlying revenue excluding transit revenue was down 1.9% for the year, within the group's target range, but underlying pre-tax profit rose 17% to beat expectations.

South African financial conglomerate Old Mutual was higher after saying it saw positive net client cash flows throughout the group in the first quarter, while sales continued to be strong in emerging markets.

Experian, the credit check and financial data company, dropped after reporting underlying earnings below expectations for the full year to the end of March, while announcing the sale of its PriceGrabber price comparison service.

Trendy fashion brand SuperGroup jumped early on despite seeing flat like-for-like retail sales in the 13 week to April 29th. Nevertheless, wholesale sales rose 4.4% while the underlying wholesale growth rate was around 9%. Retail sales in the final quarter increased by 24.7%.

THE FTSE 100              @ 10:00         Down          11        @      5,518 THE DOW JONES            closed           Down         97        @     12835 THE NASDAQ               closed           Down          11        @      2934 Exchange Rates

GBP – USD       @      10:00                   1.6096 GBP - EURO     @      10:00                   1.2434

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