RAMSEY CROOKALL & CO

EVENING REPORT

19TH NOVEMBER 2010 A poor start on Wall Street did nothing to help a recovery in London where the leading index is stuck near 5,700.

Miners continued to struggle, but they were joined by a bunch of retailers including Marks and Spencer, Next, Morrison’s and Sainsbury’s.

In mining, Vedanta Resources arranged a $6bn financing agreement with a consortium of banks to cover part of the $8.5bn-9.6bn needed to acquire 51-60% of Cairn India. The company is buying 31%-40% and subsidiary Sesa Goa Ltd the remaining 20%. "The financing announced today provides the group with funding flexibility,” explained chairman Anil Agarwal. “A testament to the strength of the Vedanta story,” he said.

London-based pub group and brewer Fuller's shrugged off the economic gloom with progress in all divisions but especially its hotels and managed pubs arm over the past six months. Profits in the half year to September rose by 11% to £16.8m, on sales up 4% at £121.5m. The dividend rises by 6% to 4.75p.

Sales picked up at upmarket cooker maker Aga over the key autumn sales period, though the weak housing market is a concern. "We are encouraged by the performance of our brands - Rangemaster is having another successful year and we are pleased to see Aga volumes increasing," the firm said, though it added "tough housing market conditions dictate caution."

Asia-focused oil and gas company Salamander Energy still expects production to hit 30,000 barrels of oil equivalent (boepd) by 2013 as producing assets perform to plan. Output guidance for 2010 is kept at 20,000 boepd, raised in August following the acquisition of an additional 40% interest in Block B8/38, Thailand from Soco International, and up from 13,600 boepd in 2009.

THE FTSE 100 CLOSED DOWN 35 @ 5732

THE DOW JONES AT 4.45 PM IS DOWN 7 @ 11,173 THE NASDAQ COMP AT 4.45 PM IS DOWN 3 @ 2510

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