RAMSEY CROOKALL & CO

MIDDAY REPORT

27 AUGUST 2010

The FTSE 100 opened lower this morning ahead of US gross domestic product figures to be released this afternoon with investors nervous about what the data will say about the health of the US economy.

Banks are a weak spot after ratings agency S&P suggested management at Barclays, HSBC, Lloyds and RBS played only a bit part in their recovery, with government stimulus programmes more important.

Oil groups are sliding with the weakness in crude prices. BP and Tullow Oil are being targeted by sellers this morning though big fuel user British Airways is holding steady.

The bid battle for oil explorer Dana Petroleum is widely regarded as done and dusted but the North Sea-focused firm is not giving up without a fight. It cranked up pre tax profit by 274% in the first half of 2010 to £82 million, pointedly noting that this was higher than its profit figure for all of 2009.

Elsewhere, serviced office specialist Regus said the market remains very challenging and difficult to predict as it announced a slump in half year profits. Profit before tax and exceptional items in the first half of 2010 tumbled to £9.7 million from £50.7 million the year before. After exceptional items the company posted a loss of £6.1 million, compared to a profit of £69 million the year before. Revenue slipped to £515.5 million from £557.4 million a year earlier.

Finally, strong growth in Asia helped media agency Aegis lift underlying profits by a fifth. Total revenue rose by 4% to £663 million, with operating profits up 20% at £61.1 million. Pre tax profits rose by 8% to £48.3 million.

THE FTSE AT 12.00 IS UP 4 @ 5160

THE DOW JONES CLOSED DOWN 74 @ 9985

THE NASDAQ COMP CLOSED DOWN 22 @ 2118

Exchange Rates

GBP – USD 1. 551

GBP – EUR 1. 219