RAMSEY CROOKALL & CO

15th June 2011

Evening Report

The FTSE 100 ended 1% lower , as worries about Greece and weak U.K. and U.S. data weighed.

Glencore was the worst performing stock on the blue chip index this afternoon. In a brief statement in response to press speculation, the commodities trader stated that it is not actively considering an offer for Kazakh mining company Eurasian Natural Resources Corporation (ENRC). The official statement backs up quotes in the UK press by Glencore's chief executive yesterday, Ivan Glasenberg. ENRC is also heading lower.

Miner Xstrata was also under the weather, tracking metals prices downwards.

The banking sector was unwanted on reports the British banks could be forced to ring-fence their retail and investment operations. The idea is to protect high street bank customers losing their savings if investment bankers suffer heavy losses, as they did during the financial crisis of 2008. RBS, HSBC, Lloyds and Standard Chartered are all lower.

British Land was stronger after welcoming the government’s decision not to list the Broadgate office development in the City of London. The company can now go ahead with its planned £850m redevelopment of the site on behalf of its tenant, the Swiss financial services group UBS.

Sainsbury headed lower despite like-for-like sales coming in line with expectations. "We've delivered a solid sales performance, in line with our expectations, in spite of the continued tough consumer environment," said chief executive, Justin King.

Insurance colossus Aviva has confirmed RBS non-executive director John McFarlane will be its new chairman. The shares closed lower.



THE FTSE 100 closed Down 60 @ 5742

THE DOW JONES at 4:45 Down 121 @ 11954

THE NASDAQ COMP at 4:45 Down 18 @ 2660



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