RAMSEY CROOKALL & CO

19th May 2011 Evening Report

The FTSE 100 closed up 0.6%, off session highs following a weaker-than-expected reading from the Philadelphia Fed index, which came in at 3.9 in May from 18.5 in April and against expectations of 20. Shares in Investec rose sharply after the Asset Manager posted a rise in profits in the year to 31 March. The company, which operates in South Africa, the UK, Australia and other markets, said operating profit before tax £434.4m from £432.3m the previous year.

Meanwhile Invensys, the engineering and IT company, fell after the company revealed a worse-than- expected order intake at its rail division during the year ended 31 March.

Power grid operator National Grid edged  higher after it profits came in a shade above expectations, in a year where it splashed out a record £3.6bn in capital expenditure. Adjusted pre-tax profit of £2.47bn in the year ended March 31st was up 25% on the £1.97bn achieved the year before, and ahead of market expectations of £2.43bn.

Brewing firm SABMiller closed higher after hailing an "excellent financial performance" for the year ended 31 March, as profits swelled by 24%, helped by strong growth in the emerging markets.

THE FTSE 100 Closed                                   Up       32            @   5955

THE DOW JONES at 4:35                                 Up       1             @   12561

THE NASDAQ COMP at 4:35                            Down    6             @   2815

Exchange Rates

GBP – USD           1.6173 GBP - EURO         1.1338