RAMSEY CROOKALL & CO

MIDDAY REPORT

23 JULY 2010

Strong economic growth figures for the second quarter has done little to give the Footsie any real sense of direction.

Gross domestic product grew by 1.1% during the quarter ahead of expectations of a 0.6% expansion and the strongest growth since the first quarter of 2006.

Banks are in focus as the results of the European stress tests are unveiled later today. Standard Chartered are down 41p at ?18.01 and HSBC down 9p at ?6.45.

Vodafone, up 2p at 152p, returned to organic revenue growth in the previous quarter for the first time since the near global recession. Group revenue increased by 4.8% to ?11.3 billion.

United Utilities says current trading reflects lower prices for 2010/11 and reduced water volumes. However, these negatives are being partly offset by a drop in energy costs.

Britvic saw revenue increase by 16.2% from a year earlier to ?289.5 million in its third quarter. The shares are trading down 11p at 507p.

BP has temporarily suspended relief well activities at the MC252 well site in the Gulf of Mexico due to “potentially adverse weather” linked to Tropical Storm Bonnie.

Close Brothers remains confident it will deliver a “solid” performance for the full-year, although funds under management remained unchanged at ?7.3 billion.



THE FTSE AT 12.30 PM DOWN 12 @ 5301

THE DOW JONES CLOSED UP 201 @ 10,322

THE NASDAQ COMP CLOSED UP 58 @ 2245

Exchange Rates

GBP – USD 1. 542

GBP – EUR 1. 193