RAMSEY CROOKALL & CO

EVENING REPORT 12 JULY 2010

London shares finished higher despite a lower opening on Wall Street.

BP shares rallied 34p to 399p as weekend press coverage suggested both Exxon Mobil and Chevron have received White House approval to launch a bid for BP has got the market excited.

Other press reports suggest the UK oil giant is in talks with US independent oil company Apache over the sale of some of BP’s assets in a deal that could raise up to $12 billion.

Falkland Oil and Gas shares crashed 106p to 95?p as it failed to find any oil in the East Falkland Basin after its first exploration well in the region turned up dry.

Banks are lower this morning after J C Flowers confirmed it will use building society Kent Reliance to launch an assault on the UK retail bank market, which will increase competition further in an already competitive market.

Oil industry services giant Petrofac has won its first production enhancement services contract in Romania after tying up a deal with Petrom, which owns the Ticleni oilfield and its eight satellite fields.

Thomas Cook has agreed to buy Oger Tours, a well known German tour operator specialising in package holidays to Turkey for about €30 million in cash.

Meanwhile, strong online sales and a boost from the World Cup helped pizza delivery firm Domino’s post another set of bumper results. Profits jumped 30% to ?17 million, from ?13 million, in the half year.



THE FTSE CLOSED UP 34 @ 5167

THE DOW JONES AT 4.30 IS DOWN 20 @ 10,177

THE NASDAQ COMP AT 4.30 IS DOWN 8 @ 2188

Exchange Rates

GBP – USD 1. 50

GBP – EUR 1. 194