RAMSEY CROOKALL & CO

MORNING REPORT

13 AUGUST 2010

Insurers have given London’s blue chips a boost in early dealing’s, while improving commodity prices are helping miners. Aviva, Legal & General and Prudential are among the best peformers in the insurance sector. Among the miners, BHP Billiton, Anglo American and Anofagasta are in demand. BP will pay a record $50.6 million for safety violations at its Texas City refinery, the troubled plant where 15 men were killed after a 2005 explosion. BP are down 1p at 409p. The mystery of Thursday’s sharp rise in the share price of African Diamonds has been resolved, with the company revealing it has received an unsolicited bid approach. The board has given the approach short shrift, however, as it believes the proposal is not one it would recommend shareholders accept. Elsewhere, thousands of British holidaymakers are stuck abroad after the collapse of another tour operator. Birmingham based Sun4U has ceased trading and is in the process of appointing administrators. About 1,200 customers are believed to be stranded, most of them in Spain. Billing Services, which provides payment and financial risk management services to the telecommunications industry, reported a small drop in earnings in the six months ended 30 June and said second half results will be modestly lower than first half results.

THE FTSE AT 10.45 IS DOWN 1 @ 5265

THE DOW JONES CLOSED DOWN 58 @ 10,319

THE NASDAQ COMP CLOSED DOWN 18 @ 2190

Exchange Rates

GBP – USD 1. 5614

GBP – EUR 1. 216