RAMSEY CROOKALL & CO

6th May 2011 Morning Report

The FTSE 100 is trading down 0.4%, following weak US and Asian leads. Miners and oil and gas stocks are the worst performers after commodities sold off overnight. Part-nationalised lender Royal Bank of Scotland is in demand. It made an underlying first quarter operating profit of £1.05bn, up from £882m the year before. Total income declined to £7.55bn from £8.21bn the year before, as market conditions were not so favorable this time round for the group's investment banking arm, Global Banking and Markets. Car insurer Admiral has seen strong growth so far this year, although things are tougher at their website business Confused.com. Turnover was up by 56% in the first quarter compared with the same period last year at £539m, Admiral said in a trading statement covering 1 January to 5 May. Engineering group IMI said its first-quarter revenue increased 10% and that it expects first-half results to improve significantly on the year, the company also announced that it is appointing Roberto Quarta as chairman. International Consolidated Airlines (IAG) has taken off after it saw an improved performance in the first quarter as it reported its first results since forming from the merger of British Airways and Spain’s Iberia.

THE FTSE 100 at 9:45         Down 25 @ 5894

THE DOW JONES closed Down 139 @    12584

THE NASDAQ COMP closed Down 13 @     2814

Exchange Rates

GBP – USD           1.6389 GBP - EURO          1.1274