RAMSEY CROOKALL & CO

12th March 2012

Evening Report

The FTSE 100 ends a touch above the flat line, as weakness in mining stocks offset gains in homebuilders and retailers after disappointing trade Chinese data dampened risk appetite. Morrisons was on the up as investors pinned their hopes for the stock on a series of new concepts being unveiled today at an investor meeting.

Hot on its heels was cruise operator Carnival after being upgraded by Exane BNP Paribas from under-perform to out-perform. On Friday, the firm reported a huge but lower than expected loss for the first quarter after its infamous Costa Concordia ship became grounded off the coast of Italy in an incident which killed 25 people.

Engineering and project management firm AMEC was also doing well after Societe Generale raised its rating from hold to buy.

Banking giant Royal Bank of Scotland was one of the worst performers of the day, weighed down by reports that former Chief Executive Fred Goodwin and ex-Chairman Tom McKillop have been sued by a group of investors in relation to the time prior to the bank's government bailout. Sector peers Barclaysand Lloyds were also out of favour.

Man Group was a heavy faller after HBSC downgraded the stock from overweight to neutral, citing "higher distribution costs and taxes". The target price was also cut, from 150p to 140p.

Commodities producer and marketer Glencore International is rumoured to considering a £3.5bn bid for Canadian grain firm Viterra. The Sunday Telegraph said that the firm is attempting to bolster its agricultural business in North America.

THE FTSE 100 closed Up 5 @ 5,892 THE DOW JONES @ 17:00 Up 28 @ 12,951 THE NASDAQ @ 17:00 Down 6 @ 2,982 Exchange Rates

GBP – USD @ 17:00 1.5629 GBP - EURO @ 17:00 1.1885