RAMSEY CROOKALL & CO

EVENING REPORT 21 February 2011

Concerns about rising oil prices should Libya descend into civil war are nagging away at investors, while continued high usage of the European Central Bank’s marginal lending facility is making traders nervous about banks.

Elsewhere, Royal Bank of Scotland (RBS) and Lloyds Banking, both of which are due to release results this week and both of which are reported to be in talks with sovereign wealth funds interested in buying the UK government’s stakes in the lenders, are hit hardest. Barclays was also down over the day, closing down 7p at 322p.

The oil price has topped $104 a barrel as protests spread across Libya. Fuel-hungry cruise operator Carnival is among the fallers. However, gold miner Contain Egypt is winning back some of the losses it sustained during the turmoil in that country. Other precious metals miners, such as Fresnillo and Randgold Resources,also attract support in these nervy times.

Finally, property group Hammerson reported adjusted profit before tax of £144.5m for 2010, up from £130.0m in 2009. Profit adjusted for revaluations grew by 11% to £144.5m and adjusted net asset value per share had risen 17.6% to 495p by the end of 2010. Net rental income fell 3% to £284.7m, but was up 3.5% on a like for like basis. "This is a strong set of results which reinforces the strategy we are pursuing,” chairman John Nelson said.

THE FTSE 100 CLOSED DOWN 68 @ 6014

THE DOW JONES IS CLOSED FOR PRESIDENTS DAY

THE NASDAQ COMP CLOSED FOR PRESIDENTS DAY

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