RAMSEY CROOKALL & CO

15th November 2011

Evening  Report

The FTSE 100 index closes flat, paring session losses to finish slightly on the flat line, aided by better-than-expected US economic data. This helps to boost Nymex crude and gold prices, causing mining and oil equities to rebound. Fresnillo ended up 3.0%, while Tullow Oil added 1.1%. Still, banks remain under pressure in the face of Italy's treasury yield surging back above the 7.0% bailout barrier.

Luxury trench coat and designer handbag retailer Burberry reported a 41% jump in first-half net profit, boosted by worldwide demand for luxury goods and an aggressive international expansion program. However, despite the positive news the shares fell 4.8%.

Glencore International fell despite Credit Suisse reiterating its outperform recommendation and 550p target on the stock.

Meanwhile base metal mining oriented group Rio Tinto rose on reports that it is unlikely to walk away from a bidding war for uranium developer Hathor Exploration, after rival bidder Cameco Corp trumped the global miner with a C$625m ($615m) offer.

Aveva, the Cambridge based engineering information technology company, fell despite seeing revenues rise 9% in the six months to the end of September compared to the same period of 2010.

Shares in coal-fired power station operator Drax rose after the company said its full year results would be towards the top of market forecasts.

THE FTSE 100 Closed                                     Down      1     @    5,517

THE DOW JONES         @ 16.40                           Down     76      @    12,002

THE NASDAQ COMP  @ 16.40                                Down      9      @     2,647

Exchange Rates

GBP – USD     @ 16.40        1.5806 GBP - EURO    @ 16.40        1.1706