RAMSEY CROOKALL & CO

04 May 2011

Evening Report

The FTSE 100 closed 1.6% lower, with a strong showing from the retail sector failing to offset weakness in mining stocks as commodity prices fell. Miner Antofagasta lead the decline today after reporting production figures that missed expectations. Group copper production for the first three months of the year came in at 129,800 tonnes, below forecasts of 158,800 tonnes, reflecting delays and lower-than-budgeted grades at two of its projects.

Sector peer Xstrata also declined despite a 3% increase in total consolidated coal production, compared with a year earlier.

Fashion retailer Next topped the risers after a strong first quarter, which saw sales increase more than expected. High street giant Marks & Spencer, supermarket Morrison and B&Q owner Kingfisher were also firmer.

Oil giants Petrofac, Tullow Oil and BG were among the fallers on the back of retreating crude prices. Oil titan BP was also lower following the settlement of the dispute over Prudhoe Bay oil transit line leaks in 2006, after settling with the US Department of Justice.

THE FTSE 100 closed         Down 98 @ 5984

THE DOW JONES at 4:45 Down 109 @    12698

THE NASDAQ COMP at 4:45 Down 26 @     2814

Exchange Rates

GBP – USD           1.6519 GBP - EURO          1.1120