RAMSEY CROOKALL & CO

EVENING REPORT 17th DECEMBER 2010

Shares remained uncertain as the weekend approaches, with banks holding the leading share index back amid continuing eurozone worries.

Meanwhile, Lloyds Banking sounded a warning on the Irish economy. “We are concerned that any economic recovery in the Republic of Ireland may take longer to achieve, and that asset prices will remain depressed for longer, than previously anticipated,’ the bank says. It anticipates that a further 10% of its £26.7bn Irish portfolio will become impaired by the year end compared with the mid-year situation.

Shares in the bank were in the red, as were those of RBS, which also has strong Irish exposure.

AstraZeneca tumbled after it suffered another delay in getting US approval for its potential blockbuster blood-thinning drug Brilinta after the US Food and Drug Administration requested more information. The FSA issued AstraZeneca with a complete response letter requesting additional analysis of the data from a study of the effects of Brilinta (ticagrelor) on 18,600 patients in 43 countries compared with its main rival Plavix.

A surge in activity in the fourth quarter enabled temporary power and temperature control specialist Aggreko to nudge its full-year profit estimates higher. It now expects a pre-tax profit of around £305m for 2010, up from its estimate of £300m in October. However, next year will be tougher without such benefits as the World Cup, it warned.

Petrofac, the oilfield services provider, thinks net profit for 2010 will be up by a fifth, in line with expectations, while the year-end order backlog should be a new record. In a statement ahead of full-year results due on 7 March, the company said it should match the $416.3m profit forecast by analysts.

THE FTSE 100 CLOSED DOWN 13 @ 5867

THE DOW JONES AT 4.30 IS DOWN 30 @ 11,468

THE NASDAQ COMP AT 4.30 IS UP 5 @ 2642

Exchange Rates

GBP – USD 1.54 GBP – EUR 1.17

??

??

??

??