RAMSEY CROOKALL & CO

12th May 2011 Morning Report

The FTSE 100 is trading firmly lower, down 1.1% as investors took their cues from significant falls on Wall Street and markets across Asia, and with concerns over European debt contagion continuing to weigh. Mining stocks declined as the commodities sell-off finds a second wind. 3i leads the risers in the FTSE 100. The private equity group said investment increased to £719 million in the year to 31 March, up from £386m in 2010. Telecoms giant BT saw underlying profit before tax surge 21% in the final quarter of its financial year (Q1 2011) from a year earlier, despite revenue easing 6% year on year. The full year dividend has been hiked 7% to 7.4p. But the stock is one of the poorest performers in the FTSE 100 today.

Oil and gas firm Tullow is another struggler today, even after it said it has performed very strongly so far in 2011, with "excellent results" from its drilling programme in Ghana, while significant progress has been made in Uganda.

Fast-growing fashion group SuperGroup failed to get its summer range out in time for the unseasonably warm weather seen recently, resulting in a lower sales growth rate in the three months to 1 May. The stock is currently trading down 18%.

THE FTSE 100 at 10.15         Down 66 @ 5909

THE DOW JONES closed Down 130 @  12630

THE NASDAQ COMP closed Down 26 @   2845

Exchange Rates

GBP – USD           1.6261 GBP - EURO          1.1463