RAMSEY CROOKALL & CO April 23rd 2012

Evening Report

European stock markets tumbled on Monday, driven by steep losses for banks and resource firms after weak manufacturing data from China and Europe. At the same time, political tensions in France and the Netherlands fueled fears of further euro-zone turmoil. The FTSE 100 fell by 1.9% with most of the index’s stocks down except for British Sky Broadcasting which closed up 0.66%.

Oil futures fell as disappointing data out of Europe, as well as China manufacturing data, sting equities markets and signals that slumping oil demand is likely to continue.

Nestle announced that it has agreed to pay $11.85 billion to acquire Pfizer's infant nutrition business, a deal that is expected to help the Swiss food giant expand in emerging markets and cement its leading position in the global baby-formula market.

Miners were weak after the HSBC preliminary flash purchasing managers' index (PMI) rose from 48.3 to 49.1 in April but still remained under the crucial 50-point level, which shows that the industry is still contracting.

Insurer Prudential fell as rumours surfaced that the company is eyeing the insurance business of Thailand's Thanachart Bank, valued at about £310m.

Elsewhere in the insurance sector, Old Mutual was a big faller after its share consolidation, following the completion of the sale of the Skandia Nordic business to Skandia Liv.

Cable and Wireless Worldwide (CWW), the serial profit-warner, bucked the trend today after Vodafone agreed to stump up 38p cash per share to gain control of the company. The shares closed up 12.5%.

THE FTSE 100             closed            Down      106     @      5,665 THE DOW JONES            @ 17:00           Down      143     @     12885 THE NASDAQ               @ 17:00           Down      43      @      2957

Exchange Rates

GBP – USD       @      17:00                   1.6102 GBP - EURO     @      17:00                   1.2264



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