RAMSEY CROOKALL                                                      RAMSEY CROOKALL & CO

12th September 2011

Evening  Report

The FTSE 100 finished down 1.6% at 5129, though well off the session low of 5059. Investors have been closely eyeing events in Europe. "There are still major concerns over the overall macroeconomic picture and the ability of the banking sector to survive the ever-increasing likelihood of a Greek default," says Angus Campbell at Capital Spreads. These fears coincide with the release of the ICB's final proposals for UK banks regulation, suggesting as expected that retail business should be ring-fenced; investors are cheered by the suggested 2019 implementation deadline. But sovereign debt concerns weigh and keep U.K. banks in the red. On Tuesday's U.K. economic calendar, the July trade balance and CPI data releases are both at 0830 GMT.

Lloyds Banking Group, said it was “assessing the full implications of the report and may provide a further update to the market once we have had the opportunity to review the report in detail.” Shares in RBS and Barclays are lower though.

Shares in engineer Charter International jumped after it revealed that Colfax, the US manufacturing group that was earlier this month named as a mystery bidder for Charter, is considering making a 910p a share offer. Colfax - which supplies fluid-handling products including pumps, fluid handling systems and controls, and speciality valves - gatecrashed rival engineer Melrose’s offer for Charter last month. Melrose upped its bid for Charter to 850p from 840p earlier this month.

Associated British Foods said adjusted operating profit for the second half of its financial year, which runs to mid-September, will be in line with expectations, with full-year adjusted earnings in line with last year's result, though last year covered a 53-week, rather than a 52-week, period.

Property firm Great Portland Estates has exchanged contracts to pay £120m to acquire a major 2.3 acre freehold site in the core of London's West End. Meanwhile, The Great Ropemaker Partnership, a 50:50 joint venture between Great Portland Estates and The BP Pension Fund has exchanged contracts to acquire 200 & 214 Gray's Inn Road, WC1, from an affiliate of Beacon Capital for £132.75m, reflecting a capital value of £455 per square feet.



THE FTSE 100 Closed                           Down 126               @   5,129

THE DOW JONES @ 16.45                         Down 103               @   10,888

THE NASDAQ COMP @ 16.45                       Up 4                @  2,472

Exchange Rates

GBP – USD     @ 16.45      1.5822 GBP - EURO   @ 16.45      1.1595



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