RAMSEY CROOKALL & CO

MIDDAY REPORT 13 JULY 2010

London’s top stocks continue to soar as banks move higher while broker upgrades also help.

Banks advance on midmorning trades with Barclays and Lloyds amongst the top ten risers. ARM Holdings traded 8p higher at 307p after a broker named it as a ‘primary winner’ from the introduction of Apples iPad.

BP shares are up 12p to 411p this morning on hopes it is near to stemming the flow of oil spilling into the Gulf of Mexico. A new 75-tonne steel cap was lowered over the damaged well late last night.

Underlying revenue at the luxury goods maker Burberry was up 24% in the May to June quarter. Retail sales were up 15% while underlying wholesale revenue rose by 46% from a year earlier.

Northern Food’s sales fell in the first quarter as good growth in chilled foods could not offset falls in the bakery and frozen divisions. Overall, sales in the three months to the end of June were 1.6% lower, in line with the firm’s targets in ‘challenging conditions’.

Engineering and project management company AMEC has won a five year master services agreement with BP Azerbaijan valued at $340 million. AMEC shares are up 8p at 879p.

Online betting group Webis has warned that trading for the full year ended 30 May 2010 will be significantly below the group’s previous expectations. The shares are trading down ?p at a penny.

THE FTSE AT 12.20 IS UP 80 @ 5247

THE DOW JONES CLOSED UP 18 @ 10,216

THE NASDAQ COMP CLOSED UP 1 @ 2198

Exchange Rates

GBP – USD 1. 508

GBP – EUR 1. 199