RAMSEY CROOKALL & CO 17th May 2011 Morning Report

The FTSE 100 is up, safely in positive territory as the UK ILO unemployment rate drops to its lowest level since 3Q 2010. The unemployment rate fell by 36,000 to 7.7%, data shows. Minutes from the last BOE meeting also showed an unchanged 6-3 vote to keeps rates still. Looking at corporate news, real estate stocks lead the gains as Land Securities reports a 15% increase in full-year pretax profit. Still to come on the data front are the minutes of the most recent meeting of the US Fed.

Property giant Land Securities is towering above the rest of the FTSE 100 after it posted a sharp rise in profits and net asset value in the year to 31 March and predicted continued growth as the recovery proceeds. Pre-tax profits climbed to £1.227bn from £1.069bn the previous year, while the net asset value per share was up to 885p from 750p.

Pharmaceuticals behemoth Shire is moving into the regenerative medicine market through the $750m acquisition of Advanced BioHealing, a US firm best known for its Dermagraft wound care product.

Credit checking firm Experian said it met or exceeded all financial objectives last year, as it unveiled a 14% increase in underlying profit before tax to $973m. Revenue from continuing activities was up 10% at constant exchange rates. Organic revenue growth was 8%. Total group revenue came to $4.2bn, up from $3.9bn the year before

THE FTSE 100 at 10:15         Up 53 @ 5861

THE DOW JONES closed Down 68 @  12479

THE NASDAQ COMP closed Flat @   2783

Exchange Rates

GBP – USD           1.6199 GBP - EURO         1.1367