RAMSEY CROOKALL & CO April 16th 2012

Evening Report

The FTSE 100 closed 0.3% higher at 5666.28, producing a small gain as investors weigh better-than-expected US retail sales against signs of a slowdown in US manufacturing and worries about Spain.

Americans spent more on home improvement, gasoline, cars and electronics in March, an indication of steady consumer confidence despite some mixed economic signals. Retail and food service sales increased 0.8% from February to a seasonally adjusted $411.07 billion, the Commerce Department reported Monday. Sales were up 6.5% year-to-year.

Rising higher was utilities firm International Power after French shareholder GDF SUEZ raised its bid from 390p to 418p per share. Investec said today that it does not foresee much regulatory risk to the take-over given that GDF already owns 70 per cent of the company.

The financial sector was heavily sold off today with Lloyds Banking Group among the worst performers.

The Co-operative Society is reportedly set to make a decision this week on whether it should press on with its tortuous negotiations with Lloyds over the acquisition of 632 branches from the part-nationalised lender. Sector peers RBS, Barclays and Old Mutual were also lower.

Airline IAG, which recently acquired British Midland (BMI), was also lower on reports that it is in talks with BMI workers at George Best Belfast City airport over possible job losses.

Oil and gas group Cairn Energy rose after saying that Agora Oil and Gas, a firm it is set to buy, has struck oil at its Skarfjell Prospect in the Norwegian North Sea.

THE FTSE 100             closed              Up             14      @      5,666 THE DOW JONES            @ 17:00             Up             52     @     12901 THE NASDAQ               @ 17:00             Down           24      @      2986

Exchange Rates

GBP – USD       @      17:00                   1.5864 GBP - EURO     @      17:00                   1.2141

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