RAMSEY CROOKALL & CO

MIDDAY REPORT

5 NOVEMBER 2010

The FTSE 100 has posted more early gains but some of yesterday's euphoria has worn off after a mixed day so far for the banks.

Part-nationalised bank Royal Bank of Scotland saw a 10% increase in its core operating profit in the third quarter over the preceding one. Core operating profit, excluding fair value of own debt (FVOD), climbed to £1,732m. The company took an £858m charge in respect of FVOD.

HSBC, meanwhile, warned the pace of growth in emerging markets is slowing and recovery from recession may take longer than in previous downturns. "Our latest data from emerging markets points to a slowdown in the rate of recovery and the likelihood of some bumps in the road ahead,” the banking giant said.

Elsewhere, oil giant Shell has agreed to sell stakes in six Gulf of Mexico oil and gas fields for $450m (£280m) as it seeks to invest in ‘more promising’ growth opportunities. It is selling the Tahoe, Southeast Tahoe, Droshky, Marlin and Dorado fields and a Gulf of Mexico producing shelf property to W&T Energy for $450m.

Finally, mobile phone retailer Carphone Warehouse is to start paying a dividend after raising its full year earnings forecast on the back of a strong performance from its US operations. It is raising its full-year earnings per share estimate to 13.5p to 14p from a previous range of 11.5p to 11.9p and said it intends to move to a regular dividend policy with a target of about 4.5p a share to be paid in August 2011.

THE FTSE 100 AT 12.15 IS DOWN 6 @ 5856

THE DOW JONES CLOSED UP 219 @ 11,434 THE NASDAQ COMP CLOSED UP 37 @ 2577 Exchange Rates

GBP – USD 1. 6228

GBP – EUR 1. 1494













































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