RAMSEY CROOKALL

25th  August

Morning Report

The FTSE 100 is up 0.4%, paring gains a touch but still in the black, underpinned by a slew of healthy corporate results. IMI is up 6.9% and Aggreko advances 2.6% following well-received 1H results. Investors expect all eyes to be on the meeting of central bankers in Jackson Hole, although Fed chairman Ben Bernanke is not due to speak until Friday. A degree of volatility is expected ahead of his speech US initial jobless claims are announced before the US open.

Kazakhstan-focused copper miner Kazakhmys ia a high riser after it said underlying profits were 24% ahead in the first half and revealed details of a $250m buy-back programme. The group said the contribution from sector peer ENRC, in which it owns a 26% stake, increased significantly over the year. ENRC, too, was among the best performers in the morning.

FTSE 100 drinks giant Diageo was firmer after it posted a 2% increase in sales in the year ended 30 June, as strong growth in the emerging markets outweighed more subdued conditions in Europe.

A 12% increase in sales saw FTSE 100 global engineering firm IMI top the £1bn revenue mark in the first half, enabling the group to up its dividend by 22%. The shares are trading 6.4% higher.

Aggreko, the high-flying supplier of temporary power and temperature control, rose after it upped its full-year profits guidance, despite profits easing 5% in the first half.

Another riser was Switzerland-based commodities trading house Glencore International, which announced earnings ahead of some expectations, on the back of a strong showing in the energy segment.

THE FTSE 100 at 10:05          UP 21 @ 5227            THE DOW JONES closed                 Up     143     @       11320                        NASDAQ COM closed                        Up      21     @       2467                               Commodities

Spot Gold $/Oz           $1718 Brent Crude Oil          $110.85 September Delivery   

Exchange Rates GBP – USD           1.6368 GBP - EURO          1.1337