RAMSEY CROOKALL & CO

MIDDAY REPORT 2 MARCH 2011

Blue chips have made a subdued start with the ongoing situation in the Middle East/North Africa and possible impact on oil prices weighing heavy.

Some shares are making progress. Profits in 2010 from Asia-focused bank Standard Chartered were bang in line with forecasts at $6.12bn, while 2011 got off to a flying start, with the group enjoying a record January, both in terms of income and profit.

Elsewhere, Wm Morrison is preparing to announce next week that it is returning about £1bn to shareholders in full-year results that are also expected to outline a pick-up in trading at the retailer over the past month, the FT reports.

Revenue growth at hotel, coffee shops and pubs group Whitbread slowed sharply in the past four months, though it still made steady headway. In a seventeen week period that included the blizzards of December, like-for-like sales growth slowed to 3.9% from 6.7% over a fifty week period.

Finally, student accommodation manager Unite Group said adjusted fully diluted NAV per share rose 11% to 295p as it underlined its confidence in future trading with the reinstatement of a dividend payment this year. "2010 has been an excellent year for UNITE and as we continue to work with our partners in the sector we look forward to 2011 and beyond with confidence, " the group said in a company statement.

THE FTSE 100 AT NOON IS DOWN 28 @ 5907

THE DOW JONES CLOSED DOWN 168 @ 12,058

THE NASDAQ COMP CLOSED DOWN 44 @ 2737

Exchange Rates

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