RAMSEY CROOKALL & CO

MORNING REPORT

6 AUGUST 2010

London’s blue chips have made a bright start with Royal Bank of Scotland dominating the morning headlines after the bank returned to the black.

Shares in Royal Bank of Scotland are up 1.3p at 53.3p after reporting a small £9 million net profit over the first half of the year and a £1.14 billion pre tax profit in the six month period. Chief Executive Stephen Hester conceded that there is still along way to go for the state owned bank.

South African insurer Old Mutual saw operating profit before tax jump 43% in the first half, thanks to a strong performance particularly in the South African retail markets and in Wealth Management.

Software group Logica is reviewing its UK public sector business as it expects new projects will be slow in the second half. Underlying interim profits dipped slightly on revenues down 21% at £1.87 billion.

Mobile phone satellite group Inmarsat’s first half profits surged as earthquakes in Haiti and Chile boosted the use of its broadband service.

Online gaming firm PartyGaming grew underlying interim profit by 14% and has continued to trade in line with expectations at the start of the second half.



THE FTSE AT 9.40 IS UP 22 @ 5388

THE DOW JONES CLOSED DOWN 5 @ 10,674

THE NASDAQ COMP CLOSED DOWN 10 @ 2293



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