RAMSEY CROOKALL & CO

MIDDAY REPORT 14 JULY 2010

Stocks started the day in good form after a sparkling set of results overnight from computer chips giant Intel. However, prices have headed south, with the decline picking up pace following the release of UK unemployment figures, which has led to a boost in sterling’s value.

BP shares dip 6p to 403p. It has delayed a pressure test on the newly installed well cap in the Gulf of Mexico while reports today said US politicians now want to look into the company’s activities in Libya.

Shares in derivatives giant ICAP fall 23p to 413p as it increased quarterly revenues by 8% and profits by 5%. Business, though, dropped off sharply in June after a bumper April and May when the sovereign debt crisis in Europe sparked a huge demand for currency and credit default derivatives.

Rio Tinto has warned investors to expect further volatility in commodity prices in fears of a double-dip recession and concerns about Chinese demand. In a second quarter update, chief executive Tom Albanese said operations are close to capacity and markets for most products are strong and the overall long term demand outlook is positive.

Pub group JD Wetherspoon fall 16p to 421p on news of a 1% rise in like for like sales in the 11 weeks to July 11 and said it is confident of a resilient future despite economic worries.

London Stock Exchange shares rise 13p to 618p. It’s decision to cut its dealing tariffs helped to increase market share in the core cash equities business, but meant a mixed performance overall in the last three months.

Barratt Develpoments’ underlying profits this year will beat expectations after the housebuilder increased prices by 18% and kept costs under control.

THE FTSE AT 12.10 IS DOWN 36 @ 5234

THE DOW JONES CLOSED UP 146 @ 10,363

THE NASDAQ COMP CLOSED UP 43 @ 2242

Exchange Rates

GBP – USD 1. 528

GBP – EUR 1. 201