RAMSEY CROOKALL & CO MIDDAY REPORT 8 JULY 2010

Mining stocks and banks are driving the FTSE higher this morning after a strong performance on Wall Street last night.

Lloyds and Royal Bank of Scotland have both added more than 4% on optimism about the EU bank stress tests. Among the miners, Antofagasta, Xstrata and Kazakhmys are in demand.

AB Foods up 10p at 990p is on course to deliver ‘very good progress’ on earnings for the year after its Silver Spoon sugar business and discount clothes chain Primark put in a solid performance during the third quarter.

Man Group said sales in the quarter have remained subdued amid continued market uncertainty. Funds under management fell in the second quarter to $38.5 billion at the end of June from $39.4 billion at 31 March.

Fund manager Henderson, up 3p at 125p said profit for the six months ended 30 June is expected to rise to ?47 million compared with ?27 million last time.

Sales at Robert Wiseman Diaries were up 11.6% in the first quarter thanks to acquisitions and more business from existing customers, but shareholders should expect like for like growth during the rest of the year.

Engineering support services group Babcock International said its fiscal year has started well and trading has remained resilient.

THE FTSE 100 AT 12.10 IS UP 68 @ 5083

THE DOW JONES CLOSED UP 274 @ 10,018

THE NASDAQ COMP CLOSED UP 65 @ 2159

Exchange Rates

GBP – USD 1. 514

GBP – EUR 1. 196