RAMSEY CROOKALL & CO

MORNING REPORT 12 JULY 2010

London is struggling to hold onto its bright start despite a good morning for shares in oil giant BP. Press coverage suggesting both Exxon Mobil and Chevron have received White House approval to launch a bid for BP has got the market excited. BP shares rally 19p to 384p.

Falkland Oil and Gas shares crash 45% to 110p 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 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 AT 9.50 IS UP 8 @ 5141

THE DOW JONES CLOSED UP 59 @ 10,198

THE NASDAQ COMP CLOSED UP 21 @ 2196



Exchange Rates

GBP – USD 1. 498

GBP – EUR 1. 191