RAMSEY CROOKALL & CO

20th September 2011

Evening  Report

The FTSE 100 finished up 2% at 5,363 almost regaining the 108 points lost on Monday. Investors have been preoccupied Tuesday with Greece and the continuation of its debt talks with the Troika. Meanwhile the ratings agency Standard & Poor’s  downgraded its rating on Italian sovereign debt by one notch on Monday night, citing poor economic growth and a “fragile governing coalition”. While still considered investment grade debt, the rating was cut from A+ to A, five levels above junk. S&P has maintained its outlook as negative, a stance it has taken since May.  Investors are keenly waiting for the FOMC rate announcement on Wednesday as the committee's two-day meeting gets underway.

Mining colossus Rio Tinto was in demand after increasing its copper mineral resources at its wholly-owned Kennecott Utah Copper Bingham Canyon Mine in the USA.

Iconic British luxury brand Burberry was among the high risers in the opening minutes, making gains a day after its catwalk show at London Fashion Week.

Department store group Debenhams rose after saying it expects full-year profits to surpass consensus estimates, after a strong end to the year.

Bio degradable plastics firm Symphony Environmental plummeted as gross profits fell from £2.3m to £2.18m.

Mobile gaming firm Probability was in demand after bookmaker William Hill said that an offer it would make for the company would be in cash.

Russia-focused oil and gas firm PetroNeft Resources fell despite announcing a maiden profit in the first half of 2011.



THE FTSE 100 Closed                        UP 104          @    5,363

THE DOW JONES @ 16.45                   Up 124          @    11,526

THE NASDAQ COMP @ 16.45                  Up 26           @  2,639

Exchange Rates

GBP – USD     @ 16.45      1.5718 GBP - EURO    @ 16.45      1.1471