RAMSEY CROOKALL

24th  August

Morning Report

The FTSE 100 is slightly higher, up 0.3% with some decent earnings and more general corporate news helping buttress the index. WPP gains 3.2% as it reports 1H earnings that impress investors, even though it says it is approaching 2012 with caution amid the current stock market turmoil. Man Group advances 4.8% as HSBC raises it to overweight from underweight and boosts the price target on the stock. On the data front euro-zone industrial new orders are due to be announced this morning.

Admiral was the worst performer on the FTSE 100, losing over 5% after despite pre-tax profits growing by 27%. However, according to a Thomson Reuters poll, the result was a slight miss though.

Gold, copper and silver prices were on the decline in the morning, hitting shares in the mining sector with Randgold Resources, Fresnillo and Vedanta Resources among the fallers. Sector peer BHP Billiton, however, was making small gains after seeing a 35.9% jump in revenue in the year ended June. The final dividend was upped by 22%.

Outsourcing firm Serco fell despite saying it overcame UK and US headwinds to deliver a 12.2% rise in adjusted pre-tax profit, driven by its international portfolio.

ENRC, Catlin and WS Atkins were also among the fallers after going ex-dividend.

On the rise, however, are the financials, with Man Group, RBS, Lloyds, Barclays and ICAP posting decent gains.

Advertising and marketing group WPP, led by chief executive Sir Martin Sorrell, rose saying the "post-Lehman bounce-back" has continued as it posted pre-tax profit growth of 37% on sales that grew 6.1% in the six months to 30 June.

Africa-focused oil giant Tullow Oil was firmer after it reported a huge surge in sales and profits in the six months ended 30 June, helped by increased production from the Jubilee field off Ghana and higher commodity prices.

THE FTSE 100 at 09:45                    Up              6      @      5135 THE DOW JONES closed                     Up            322      @     11176                       NASDAQ COM closed                        Up            100      @      2446                              

Commodities Spot Gold $/Oz           $1848 Brent Crude Oil          $108.96 September Delivery   

Exchange Rates GBP – USD           1.6497 GBP - EURO          1.1432