RAMSEY CROOKALL

7th September

Afternoon Report

The FTSE 100 is up 1.8%, coming off the session high of 5287.45 but remaining positive. Energy names and the banks lead gains and there are but a handful of blue-chip stocks trading in the red. US stock futures are positive, with the DJIA and S&P front month futures contracts up 0.7% and 0.8% respectively.

Banking shares, which had posted losses in recent sessions have gained so far today. Lloyds Banking Group PLC has rallied 4% and Barclays PLC advanced 3.3%.

In the energy sector, stocks rose with crude-oil futures. Essar Energy PLC rallied 5%, Tullow Oil PLC advanced 4% and BP PLC gained 3.2%. Supergroup, the firm behind the ultra-trendy Superdry fashion label, is in demand after posting a surge in quarterly sales. “Our domestic and international roll-outs are on track and we remain excited about the group's future prospects,” said chief executive Julian Dunkerton. Consumer electronics retailer Dixons said like-for-like sales were down 7% from a year earlier in the 12 weeks to 23 July. The PC World and Currys owner said total group sales were down 1% in the period in sterling terms, with stores in the UK & Ireland seeing a 9% year-on-year decline.

THE FTSE 100 at 12:00                         Up         94        @       5251

THE DOW JONES closed                          Down       100       @       11139                        NASDAQ COM closed                             Down       6        @       2473               Commodities Spot Gold $/Oz           $1835 Brent Crude Oil          $112.99 September Delivery    Exchange Rates GBP – USD           1.5983 GBP - EURO         1.1373