RAMSEY CROOKALL & CO

28th November 2011

Evening  Report

The FTSE 100 finished up 2.9% at 5312, as investors take heart from a strong start to the US sales season and amid reports France and Germany are planning a new Stability Pact.

"Given that we have been down this route a number of times before, with respect to action from EU leaders, you could argue that there is an element of naivety in this rebound, and as such the potential for disappointment remains quite high,"

Lenders Royal Bank of Scotland, Barclays (up 7.8%), Lloyds (up 2.1%) and Standard Chartered (up 5.2%) were all higher on the prospect that their losses on European sovereign debt may not now be so severe. The finance ministers are set to meet in Brussels tomorrow where they will discuss rules for borrowing against the EFSF, and new parameters for intervention in Eurozone bond markets.

Miners were firmer, with the notable exception of gold digger Randgold Resources, which has cut its production forecast for the year after running into a number a difficulties at its Tongon mine in Côte d'Ivoire. The company now expects group production for the year to drop from between 740,000 and 760,000 ounces to between 690,000 to 700,000 ounces.

Also rising was BHP Billiton, after it was announced that there are to be changes at the top of mining colossus that will see the company get a new group chief executive and financial officer.

THE FTSE 100 Closed                        Up       148      @   5312

THE DOW JONES @ 16.45                      Up       310      @   11,541

THE NASDAQ COMP @ 16.45                    Up       87       @   2529

Exchange Rates

GBP – USD      @ 16.45      1.5527 GBP - EURO    @ 16.45      1.1643



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