RAMSEY CROOKALL & CO

MORNING REPORT 16 JULY 2010

London’s top stocks have opened higher as BP leads the way on optimism over its efforts to cap the well in the Gulf of Mexico.

BP’s share soar 20p to 421p 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 climb 24p to 815p. It has taken 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.

Accountancy software provider Sage, down 2p at 239p has named Guy Berruyer, currently head of its mainland Europe & Asia operations, to take over from chief executive Paul Walker.

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 AT 10.00 IS UP 26 @ 5237

THE DOW JONES CLOSED DOWN 7 @ 10,359

THE NASDAQ COMP CLOSED DOWN 1 @ 2249

Exchange Rates

GBP – USD 1. 542

GBP – EUR 1. 191