RAMSEY CROOKALL & CO

MORNING REPORT

25 NOVEMBER 2010

Shares have got off to a good start following a warm reception for company updates.

Capital Shopping Centres Group, the shopping centre arm of what used to be Liberty International, has raced ahead after it put pen to paper to purchase Manchester’s Trafford Centre in a deal worth £1.6bn.

Not all stocks have reacted well to trading updates though. Daily Mail Group is lower after reporting a rise in profits while warning that it is cautious on the outlook.

After its first set of results under its new banner, Dixons Retail is lower. The electricals retailer has posted interims largely in line with expectations though the underlying loss beat some forecasts.

Food ingredients firm Tate & Lyle is to sell its molasses business to Belfast grain trader W&R Barnett for £67m in cash. Proceeds from the sale will be used to reduce net debt.

Finally, travel firm Thomas Cook is to enter the Russian market through a joint venture with a leading Russian holiday company. Thomas Cook and VAO Intourist, Russia’s longest established travel business, will form a joint venture focused on expansion in Russia and the other CIS (Commonwealth of Independent States) countries.

THE FTSE 100 AT 9.20 IS UP 29 @ 5686

THE DOW JONES CLOSED UP 150 @ 11,187 THE NASDAQ COMP CLOSED UP 43 @ 2160

Exchange Rates

GBP – USD 1.57 GBP – EUR 1.18