RAMSEY CROOKALL & CO May 3rd  2012                                                                                                 Evening Report

European stock markets erased earlier gains in afternoon trade, after European Central Bank President Mario Draghi offered no hints of further monetary easing for the troubled euro zone and U.S. services data slumped to lowest level since December. The FTSE 100 closed up 0.14%.

The U.S. non-manufacturing sector expanded at a slower pace than expected in April, according to data released Thursday by the Institute for Supply Management. Price pressures eased sharply.The ISM's non-manufacturing purchasing managers' index came in at 53.5 last month, down from 56.0 in March.

Smith and Nephew rose after profits and margins at the medical group beat both analysts' and management forecasts in the first quarter of 2012.

Alcoholic drinks maker Diageo's was also on the up following its announcement that growth in the third quarter of its fiscal year was a shade ahead of some expectations, despite Europe proving something of a wet blanket.

Meanwhile, leading the downside were resource stocks with Antofagasta being the worst performer after seeing production drop sharply in the first three months of 2012 as maintenance work, lower ore grades and technical problem hampered activity.

Gold miner Randgold fell after revealing that both first-quarter profits and production decreased quarter-on-quarter as output was held back the political upheaval in Mali and issues in Côte d'Ivoire.

Oil and gas group BG fell despite a sharp increase in net earnings in the first quarter as it said that its Jasmine field will not start production until 2013, compared with previous guidance of last 2012.

Insurance giant Legal and General disappointed the market with its first-quarter revenue figure, which were barely changed from a year earlier.

THE FTSE 100             closed             Up           8     @      5,766 THE DOW JONES            @ 17:00            Down        39     @     13229 THE NASDAQ               @ 17:00            Down        12     @      3047 Exchange Rates

GBP – USD       @      17:00                      1.6191 GBP - EURO     @      17:00                      1.2313

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