RAMSEY CROOKALL 23nd August Afternoon Report

The FTSE 100 is up 1 %, remaining firmly in the black, with G4S still the biggest riser, up 7.4% following a well-received 1H update. Banks are also on the front foot, with Lloyds Banking Group up 3.9%, Barclays up 2.5% and RBS 2.1% firmer.

Miners are in demand amid a perception that recent falls on worries over global economic growth may be overdone. Among the risers is South America-focused copper group Antofagasta which posted a sharp rise in profits for the six months to 30 June as prices for the red metal soared and said its ability to keep costs down leaves it well placed to come with recent commodity price volatility.

Segro is wanted despite the real estate group posting a 56.6% drop in half year pre-tax profit while rental income fell 6.1% as occupier markets recover slowly. Pre-tax profit fell to £64.6m in the six months ended 30 June 2011 from £148.9m the same a year earlier. Net rental income fell to £135.5m during the period from £144.3m before.

Also in property, Persimmon, the house builder, saw underlying profits surge in the first half of 2011 on the back of gross margin gains and a more efficient capital structure. Underlying profit before tax rose 52% to £59.7m in the first half of 2011 from £39.4m last year. Pre-tax profits after goodwill impairment and exceptional items were £60.3m, compared with £101.4m for the first half of 2010, which included a net exceptional credit of £63.6m.

THE FTSE 100 at 12:00 Up 52 @ 5147

THE DOW JONES closed Up 37 @ 10854

NASDAQ COM closed Up 3 @ 2345

Commodities

Spot Gold $/Oz $1883

Brent Crude Oil $108.25

September Delivery

Exchange Rates

GBP – USD 1.6523

GBP - EURO 1.1419