RAMSEY CROOKALL & CO

MORNING REPORT

5 AUGUST 2010

London’s blue chips opened slightly lower as investors consider a mixed bag of corporate results on what is set to be one of the busiest days of the year.

Cobham is down 12p at £2.27 after the defence and aerospace products group saw pre tax profits fall in the half year to June 30 as it suffered from weakness in some of its commercial operations and delays in defence contracts.

Shares in Barclays fall 8p at £3.31 despite reporting a 44% rise in first half pre tax profits to £3.95 billion. Profits at the lender’s investment banking arm, Barclays Capital, more than trebled, though that was partially offset by an increase in impairments in Barclays Corporate in Spain.

Insurer Aviva rises 19p to £3.87 after it reported a better than expected 21% rise in its first half profit.

RSA Insurance Group reported revenue growth in all geographic regions and a rise of 9% in net written premiums in the first six months of 2010 to £3.8 billion.

Fresh from its apparent success plugging the leaking Maconda well in the Gulf of Mexico with mud, oil giant BP has been given clearance to start the cementing part of its ‘static kill’ process.



THE FTSE AT 9.45 IS DOWN 14 @ 5401

THE DOW JONES CLOSED UP 44 @ 10,680

THE NASDAQ COMP CLOSED UP 20 @ 2303



Exchange Rates

GBP – USD 1. 583

GBP – EUR 1. 204