RAMSEY CROOKALL & CO

03 May 2011 Morning Report

The FTSE 100 is trading down 0.16%, edging lower with overnight losses in Asia adding weight amid a retreat in commodity prices. The top share index is demonstrating how it is at the mercy of the global economy today, with a strong showing from the retail sector failing to offset weakness in miners as commodity prices fall.

Next is higher after warm weather and the royal wedding holiday had shoppers flocking to its stores in the 13 weeks to 30 April, the fashion retailer said as it reported better sales than expected for the period. Lower commodity prices have hurt miners, with Antofagasta leading the sector and the FTSE 100 lower.

Kazakh copper producer Kazakhmys says it is on track to meet 2011 production targets after a strong first quarter in which commodity prices remained firm. The company produced 74,000 tonnes of copper cathode in the three months to 31 March and is set to achieve its aim of producing 300,000 tonnes over the full year

Engineering solutions provider Weir Group is lower even after it said it expects full year profit before tax and intangibles amortisation to be around £20m ahead of its previous expectations following a strong first quarter. Glasgow-based Weir Group said a record opening order book and contributions from acquisitions made last year has increased its confidence in achieving further good progress in 2011.

THE FTSE 100 at 9:45         Down 10 @ 6071

THE DOW JONES Closed Flat @    12807

THE NASDAQ COMP Closed Down 22 @     2841

Exchange Rates

GBP – USD           1.6479 GBP - EURO          1.1079