RAMSEY CROOKALL & CO

EVENING REPORT

23 AUGUST 2010

The London market managed a modest gain in another quiet days trading.

Old Mutual, the Anglo-South African insurer that’s overhauling its business following the financial crisis, has received a bid from HSBC for up to 70% of Nedbank and is the best performer.

The London listed firm is a majority owner of South Africa’s fourth biggest bank, currently worth almost $10 billion, with a 52% stake. Old Mutual said it has had preliminary discussions with the South African regulatory authorities about the merits of the transaction, but they still have to mull over the details. The shares rose 4p to 125p.

Australian-focused firms are quiet as they await news of who has won the general election in the country. Rio Tinto and BHP Billiton are little changed this afternoon.

Oil and gas services group Petrofac posted a 55% jump in half year earnings and said it expects to deliver like for like net profit growth for the full year.

Bovis plans to resume dividend payments at the end of the year after swinging to a half year profit. However, the housebuilder also remains cautious in its expectations of transaction volumes and sales prices in the short term given the low levels of consumer confidence and the ongoing challenges in the mortgage market.



THE FTSE CLOSED UP 39 @ 5234

THE DOW JONES AT 4.30 IS DOWN 3 @ 10,210

THE NASDAQ COMP AT 4.30 IS DOWN 7 @ 2172

Exchange Rate

USD - GBP 1. 555

EUR - GBP 1. 225