RAMSEY CROOKALL & CO

EVENING REPORT

17TH NOVEMBER 2010

Investors continued to adopt a wait and see approach, biding their time until the Irish debt situation becomes clearer.

UK economic news has been good, but not amazingly so. There was an unexpected fall in unemployment in October and a widely-anticipated three-way split in views on the Bank of England’s Monetary Policy Committee (MPC). A large majority still voted for no change in either the level of interest rates or the size of the current quantitative easing programme. Andrew Sentance again wanted a quarter-point rise in interest rates while Adam Posen voted for an increase in the stimulus package to £250bn.

BHP Billiton is to increase its spending on its iron ore mine operation at Pilbara, Western Australia by $635m. The investment comes a month after BHP and Rio Tinto abandoned plans to merge their Pilbara operations in the face of regulatory, customer and shareholder objections. BHP Billiton closed up 17 at 2335.5.

Premier Foods, the Hovis bread, Bisto gravy and Branston pickle group, has received approaches for its East Anglian canning operations, which could lead to a sale of the unit. The company said back in August that it was “open minded” about disposals as long as they deliver shareholder value.

Housebuilder Barratt Developments has had a weaker than expected autumn selling season, though new site openings will drive a “limited” increase in volume growth for the full year.

Rolls-Royce provided a welcome distraction from its aeroplane engine woes today, announcing the first order for its new ‘wave-piercing’ boat to the Norwegian shipping group Farstad. Rolls-Royce closed up 10 at 599.5.

THE FTSE 100 CLOSED UP 10 @ 5692

THE DOW JONES AT 4.45 PM IS UP 3 @ 11,025 THE NASDAQ COMP AT 4.45 PM IS UP 13 @ 2483

Exchange Rates

GBP – USD 1.58

GBP – EUR 1.17