RAMSEY CROOKALL

8th July    Afternoon Report

The FTSE 100 is  up 0.1% maintaining small gains after June PPI. Banking and mining stocks are under pressure as investors await the release of key nonfarm payrolls data later. Meanwhile, investors are keeping an eye on media stocks following the closure of News Of The World. Prime Minister David Cameron announced a public inquiry into phone hacking and a second inquiry into the 'culture' of the British press.

Both Hammerson and British Land have announced deals. Property company British Land is to buy a portfolio of 17 freehold and leasehold racket clubs from French bank Societe Generale for £179m. The clubs will be let on new 25-year leases to Virgin Active pending Virgin's acquisition of the Esporta business.

Meanwhile, real estate investment trust Hammerson edged higher after acquiring a 999-year leasehold interest in 99 Bishopsgate, in the heart of London's financial district, for £100m, including costs.

House builder Bovis was also higher on the FTSE 250 after completing marginally fewer sales in the first half of this year than last, although the average sales price increased by around 3%. Completions eased to 801 from 803 in the first half of last year, but net private reservations in the first half of the year rose 16% to 802 from 691 the year before.

However, Daily Mail and General Trust, the Daily Mail publisher, is one of the best performers on the FTSE 250 after News Corp's decision to close the News of the World, the newspaper that has been a feature of Sunday morning breakfasts in Britain for 168 years. Analysts expect other Sunday circulars to benefit from News of the World’s exit from the Sunday newspaper market.

THE FTSE 100  at 12:00                Up               9         @     6063

THE DOW JONES closed                       Up              93         @     12719                                 NASDAQ COMP closed                         Up              36         @     2872                                        Exchange Rates GBP – USD           1.5963 GBP - EURO          1.1185