RAMSEY CROOKALL & CO

MORNING REPORT 15 JULY 2010

London’s blue chips have opened lower as weak miners overshadow a number of positive company statements.

Global information services company Experian is up 15p at 648p after the group said it saw an improved performance across all its geographic regions except the UK and Ireland in the May to June period. Revenues grew 7% while organic revenue growth was 6%.

Shares in GlaxoSmithKline rise 9p to 1190p on news a joint advisory committee to the US Food and Drug Administration has voted to allow Glaxo’s lucrative diabetes drug Avandia to remain on the market.

Tullow Oil shares rally 12p to 1147p after it reported that it had found oil at its Nsoga-5 appraisal well which is located in the Butiaba region of Uganda. The group said the well has successfully encountered 10 metres of net oil pay after it was drilled to a total depth of 587 metres.

Premier Oil has reported a rise in average production in the first six months of the year and said it has increasing visibility on longer-term production growth.

Shares in mother and baby products retailer Mothercare slide 31p to 520p. The company reported a 4.1% decline in the first quarter UK like for like sales while international sales soared 20.3% during the 15 weeks to 10 July.



THE FTSE AT 9.45 IS DOWN 14 @ 5239

THE DOW JONES CLOSED UP 4 @ 10,367

THE NASDAQ COMP CLOSED UP 8 @ 2250

Exchange Rates

GBP – USD 1. 533

GBP – EUR 1. 199