RAMSEY CROOKALL

11th  August Afternoon Report

The market is up 44 points but paring gains from earlier highs as this morning’s rally seemingly runs out of Steam. Futures in America point to a positive start.

Shares of Essar Energy PLC were among the top performers on the benchmark index. The stock rose 3.7% as it partially recovered from a fall of nearly 13% in the previous session, when Goldman Sachs removed the stock from its conviction buy list.

Miners are rallying strongly, led higher by Kazakh copper miner Kazakhmys, but French banking fears seem to have spread across the channel, with Lloyds Banking Group and RBS the only fallers in the FTSE 100.

Anglo Pacific notched up a record level of royalty income in the first half of 2011, despite adverse weather conditions in Australia. The global natural resources royalties company said royalty income in the first half of the year rose to £16.4m from £15.7m in the first half of last year. Second quarter royalty income was lower year-on-year, however, at £6.5m compared to £11.1m in the second quarter of 2010.

Morgan Sindall, the construction and regeneration group, has secured a major regeneration scheme contract in Chester city centre, with a total development value of approximately £115m

THE FTSE 100 at 12:00               Up                44        @       5051

THE DOW JONES closed                Down            519         @       10719                         NASDAQ COM closed                   Down            101         @       2381                                Commodities Spot Gold $/Oz           $1778 Brent Crude Oil          $106 September Delivery     Exchange Rates GBP – USD   1.6156   GBP - EURO         1.1374