RAMSEY CROOKALL & CO

MIDDAY REPORT

16TH NOVEMBER 2010

The FTSE 100 has posted substantial losses following the reversal on Wall Street last night, with miners and financial groups bearing the brunt of the selling.

Kazakhymys, Fresnillo, Man and Antofagasta are the worst of the fallers so far, with chip maker Arm the best of the risers.

No-frills airline easyJet said full year profit surged nearly threefold on rising consumer demand and cheaper fuel. The group also announced it would pay its first dividend in 2012.

The squeeze on public sector spending has already affected telecoms group Cable & Wireless Worldwide, with revenues down by 1.6% in the last six months. Turnover came in at £1.12bn, against £1.14bn, in the half-year to September, though the largely-UK focused telecoms group, which demerged from Cable & Wireless Communications in March, lifted pre-tax profits from £22m to £53m. Underlying operating profits rose by 4.4% to £214m. A strong recovery in advertising helped bring about a sharp rise in revenues at broadcaster ITV in the third quarter, though growth in ad sales are seen slowing in the fourth quarter. Group revenues climbed by 11% from the same period last year to £1.456bn, with advertising revenues climbing by 16%. Ad revenues are currently forecast to be up by 10% in the fourth quarter.

THE FTSE 100 AT 12.25PM IS DOWN 86 @ 5734

THE DOW JONES CLOSED UP 9 @ 11,201 THE NASDAQ COMP CLOSED DOWN 4 @ 2513

Exchange Rates

GBP – USD 1.60

GBP – EUR 1.18