RAMSEY CROOKALL

29th   June 2011

Afternoon Report

The FTSE 100 is up 1.4%, making further gains ahead of the key vote in Greece on whether to accept IMF and EU-imposed austerity measures as a precondition to a bailout of its economy. Expectations are for a yes vote and the heavily-weighted bank sector gains: Standard Chartered is up 1.6%, Lloyds Banking Group is up 2.2%. Elsewhere Rolls-Royce gains 1.6% as it wins a $1 billion order from Singapore Airlines.

Chilean copper miner Antofagasta is among the biggest gainers in the FTSE, as the shares rallied 3.7%. Commodity prices are largely higher, continuing gains. Also in the sector, shares of Glencore International PLC rose 1.6% after several brokers initiated coverage of the stock with buy ratings.

Retail stocks have come under selling pressure, with Marks & Spencer Group PLC down 1.7% and Kingfisher PLC down 1.2%.

Property group British Land headed higher after acquiring a prime Maidenhead property for £74m.

UK-listed oil producer Exillon Energy was also higher after preliminary results from Exploration Well 4 in West Siberia confirmed the presence of 6.7m of effective net oil pay in a new area.

Bus and train group Stagecoach, which had fallen in earlier trading, is up  2%. Although sales may have missed some forecasts, several brokers have issued positive statements in regards of the stock with Oriel saying. "The underlying performance of the company is solid”.

THE FTSE 100 at 12:00                                    Up         84           @   5851

THE DOW JONES closed                                Up         145          @    12188

THE NASDAQ COMP closed                           Up         41           @    2729 

Exchange Rates

GBP – USD           1.6020 GBP - EURO         1.1100