RAMSEY CROOKALL & CO April 30th 2012

Evening Report

The FTSE 100 finished down 0.7%, ending the month on a downbeat note amid low volumes and uncertainty following S&P's downgrade of numerous Spanish banks and the country's economy falling into a recession in 1Q'12.

UK banking group Lloyds quashed rumours that it has received a ‘multi-billion’ pound offer for its life assurance, pensions and savings business, Scottish Widows. According to Monday’s London Evening Standard, the bank had received an approach from Edmund Truell, the founder of private equity firm Duke Street.

Fund manager Aberdeen Asset Management was on the rise today after it reported a solid increase in revenue and profit in its first half which it says was down to a return of investor appetite for risk assets in 2012 and an ongoing desire for yield.

Russian precious metals group Polymetal made solid gains despite gold prices taking a hit on concerns that demand in India is slowing. Sector peers ENRC and BHP Billiton were also performing well.

Fresnillo and Randgold Resources were heavy fallers with the latter being weighed down by a ratings cut from Nomura. The broker downgraded the stock from neutral to reduce this morning, saying that while it has de-rated in line with the broader sector, there is less potential upside than peers partly due to its exposure to olitical risk in Mali.

THE FTSE 100             closed          Down      39    @      5,737 THE DOW JONES           @ 17:00         Down      31    @     13196 THE NASDAQ               @ 17:00         Down      20   @      3048 Exchange Rates

GBP – USD       @      17:00                  1.6224 GBP - EURO   @      17:00                  1.2264