RAMSEY CROOKALL & CO

EVENING REPORT

30 NOVEMBER 2010

Though the majority of its constituents finished lower, the FTSE 100 index was little changed over the day. Financials remain unnerved by worries over the future of the eurozone but otherwise the picture remains mixed.

In a mixed mining sector Vedanta headed lower after it postponed the flotation of its Zambian copper division, Konkola Copper Mines. “With year end approaching and the current stock market volatility, the boards of Vedanta Resources and Konkola have decided to pursue such listing in 2011, ” a company statement said.

BG was in fine fettle after Barclays upgraded the oil and gas giant to ‘overweight’ from ‘equal-weight’, but British Airways hit turbulence as industrial action could hit the New Year holiday period and extend into 2011.

BP agreed to invest $2.5bn in the Sunrise oil sands project in Alberta, Canada, its first major investment since the Gulf of Mexico spillage. The UK firm, which owns 50% of the project in northern Alberta, said it was “a significant milestone” for the company and represented a “40-year secure and stable source of production for North America”.

Birmingham City Council has extended and expanded its existing contract with outsourcing titan Capita in a deal worth about £300m to Capita.

Finally, travel group Holidaybreak pointed to the resilience of its education division in the face of reduced consumer spending as it posted a rise in profits despite lower sales. Pre-tax profits in the year to September 30 rose to £30.7m from £28.2m, even as revenues fell to £461.7m from £473.4m.

THE FTSE 100 CLOSED DOWN 22 @ 5528

THE DOW JONES AT 4.30 IS DOWN 54 @ 11,998

THE NASDAQ COMP AT 4.30 IS DOWN 25 @ 2799

Exchange Rates

GBP – USD 1.5571 GBP – EUR 1.1955