RAMSEY CROOKALL & CO

EVENING REPORT

16 JULY 2010

The London market fell back this afternoon following a poor start on Wall Street on the back of poorly received company updates.

Results from Citigroup, Bank of America and GE have been poorly received sending US shares plunging.

Here BP’s share climbed 5p to 407p after announcing yesterday it had temporarily stopped the flow of oil pouring into the Gulf of Mexico for the first time in 3 months. The shutdown is part of an ‘integrity test’ to see if the leaking wellhead can finally be contained.

Luxury brand Burberry up 9p to 800p has decided to take its 50 franchised shores in China under its own control as part of a move to unify its brand globally. Burberry will pay ?70 million in cash and the transaction is expected to add up to ?20 million to group operating profit in the financial year 2011/12.

Electrical components company Spectris expects full year results to be ahead of forecasts after an ‘encouraging’ first half. The group said it is continuing to see an improvement in demand over the prior year, with signs of recovery throughout most regions and end markets.

Assets under management fell 7.2% at fixed income fund manager BlueBay Asset Management during the fourth quarter, but still predicts a big increase in full-year profit. At the end of June, the company had $34.3 billion of assets under management, up 41% on the same time last year.

THE FTSE CLOSED AT DOWN 52 @ 5158

THE DOW JONES AT 4.30 IS DOWN 201 @ 10,157

THE NASDAQ COMP AT 4.30 IS DOWN 46 @ 2202

Exchange Rates

GBP – USD 1. 5312 GBP – EUR 1. 1840