RAMSEY CROOKALL & CO

EVENING REPORT

24 NOVEMBER 2010

Barely a dozen or so FTSE 100 constituents were in the red today as the blue-chip index sets about clawing back some of the losses of the last two days, despite continued concerns about the Irish debt crisis and the military tensions in Korea.

UK banks have shrugged off the news that credit ratings agency Standard & Poor’s (S&P) has cut its debt rating for Ireland as the Irish government puts the finishing touches to a four-year plan to slash its deficit. Lloyds, Barclays and Royal Bank of Scotland all make headway.

Rolls-Royce, which endured a spell of turbulence earlier this month after a fault on its engines prompted Qantas to ground its A380 super-jumbo aircraft, has not deterred Emirates airline from awarding the UK company a $1.2bn order to provide engine services for 50 of its aircraft. The order follows hot on the heels of the $1.8bn engine order from China that Rolls-Royce announced at the start of this week.

Capital Shopping Centres, formerly part of Liberty International, was lower after confirming it is close to agreeing the purchase of Manchester’s Trafford Centre in a deal worth £1.6bn.

Interim results from water supplier United Utilities were slightly ahead of management expectations, but investors were in no mood to buy defensive stocks today, it seems, as the shares fall back. In the six months to 30 September the company made an underlying profit before tax of £196.2m, down from £258.2m the year before.

Finally, Sportingbet, the online bookie, is higher after saying it continues to see strong growth in the ‘in play’ side of the business. Amounts wagered in the three month period to 31 October – the group’s first quarter – rose 10.9% to £513.9m from £463.2m the year before, with the sums bet on sporting events in play rising 27%.

THE FTSE 100 CLOSED UP 75 @ 5657

THE DOW JONES AT 4.30 IS UP 128 @ 11,165 THE NASDAQ COMP AT 4.30 IS UP 44 @ 2539

Exchange Rates

GBP – USD 1.5782 GBP – EUR 1.1789