RAMSEY CROOKALL & CO

EVENING REPORT

4 OCTOBER 2010

The FTSE 100 threatened to move back into positive territory over the lunch time session but just fell short. Oil stocks remain a major drag on the index with BP, Cairn Energy and Royal Dutch Shell all heading south. BP closed down 10p at 430p.

The morning’s biggest faller, satellite operator Inmarsat , is now showing a small profit on the day. Sellers were out in force in the morning session after it emerged that major shareholder Harbinger is reviewing its options regarding the 28% stake it holds in the company.

In later news, plumbers’ merchant Wolseley is the best performing blue-chip after Credit Suisse started coverage with an “outperform” rating and 1855p price target. The shares closed up 19p at £16.01.

Hovis bread and Branston Pickle owner Premier Foods confirmed reports in the weekend papers that offers have been made for its meat free business that includes Quorn.

Yell has also given investors something to shout about. The struggling Yellow Pages publisher is higher after saying it has brought in Tony Bates, former chief operating officer at telecoms operator Colt Group, to run its finance function. Bates, who becomes finance boss when Yell reports second quarter results on 9 November, replaces John Davis who announced his departure along with chief executive John Condron in May.

THE FTSE 100 CLOSED DOWN 36 @ 5555

THE DOW JONES AT 4.30 IS DOWN 62 @ 10,767

THE NASDAQ COMP AT 4.30 IS DOWN 18 @ 2351

Exchange Rates

GBP – USD 1. 583 GBP – EUR 1. 156

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