RAMSEY CROOKALL & CO

20th June 2011 Evening  Report

The FTSE 100 index closed down 0.4% as jitters regarding Greece and its debt situation overshadowed the session and hurt banks in particular. Europe’s Finance ministers remain at loggerheads over dishing out a chunk of the €110bn bailout money agreed last year for Greece.

RBS was the biggest decliner of the FTSE’s blue chips, ending down 4.4%. RBS, Man Group, Hargreaves Lansdown and Schroders were the worst four performers. Lloyds and Barclays are also heading lower.

Temporary power and temperature control provide Aggreko is also falling despite seeing an acceleration in the rate of underlying growth in the second quarter.

Packaging giant Rexam is unwanted after agreeing to sell its closures business for $360m (£222m) as it seeks to pay back its debts.

Power systems colossus Rolls-Royce is lower after bagging the contract to provide engines for an enhanced version of the Airbus A350-1000 aircraft.

Also underwhelming after a contract win is business services group Capita, after signing a £100m contract with the Driver and Vehicle Licensing Agency (DVLA).

Inmarsat, the satellite engineer is the highest riser of the day, gaining 4.6%. Airline IAG and telecoms titan Vodafone are also wanted.

InterContinental Hotels Group is edging higher after selling – but still agreeing to manage - its 210-room Hotel Indigo San Diego to Chesapeake Lodging Trust for $55.5m (around £34.2m), in line with its strategy to grow its management and franchise businesses whilst reducing capital intensity.

THE FTSE 100 Closed                              Down 21       @    5693

THE DOW JONES @ 16.45                            Up     20       @   12,024

THE NASDAQ COMP @ 16.45                          Up 7       @   2623

Exchange Rates

GBP – USD     @ 16.45         1.6199 GBP - EURO   @ 16.45          1.1314