RAMSEY CROOKALL

15th July

Afternoon Report

European stock markets are off earlier lows  as banks pare losses, however, the general mood remains one of caution ahead of the European bank 'stress test' results and amid ongoing worries about U.S. debt. In stocks news, BHP Billiton is one of the heaviest fallers in the FTSE 100. The company, best known as a miner, is increasing its oil and gas activities with the $12.1bn (£7.5bn) purchase of Texas and Louisiana-focused firm Petrohawk.

Credit checking firm Experian saw organic revenue growth of 6% in the second quarter of 2011, and continues to anticipate organic revenue growth in the mid-high single digit range over the full-year. Total revenue growth from continuing activities was 10%.

Spectris, which develops precision instrumentation and controls to help firms improve their productivity, expects sales for the first half of 2011 to be more than a fifth higher than the same period last year.

Salamander Energy fell back after the Southeast Asia-focused oil and gas group Salamander said it is abandoning its Dao Ruang-3 well off Thailand after analysis of data from drilling showed it “would have limited potential as a producer.”

Electrocomponents, the FTSE 250 firm which supplies electronic products and provides maintenance services, is higher after it saw revenue rise 14% in its first reporting quarter.

THE FTSE 100 at 12:05                          Down             4             @     5842

THE DOW JONES closed                           Down            54             @     12437                             NASDAQ COMP closed                             Down           34             @     2762                                  Echange Rates GBP – USD           1.6113 GBP - EURO         1.1385