RAMSEY CROOKALL & CO MORNING REPORT 7 JULY 2010

London’s blue chips have retreated after the surge yesterday with a cautious update from Marks & Spencer dampening the mood.

The High Street bellwether reported a 3.6% rise in UK like for like sales in the first quarter but is cautious about the outlook for consumer confidence and spending. Like for like sales in general merchandise, which includes clothing, were up 6.0% with like for like sales growth in food of 1.5%.

Anglo-Swiss mining titan Xstrata has given the green light to a huge investment to the Tintaya copper mine in southern Peru. The Xstrata board has approved a $1.47 billion investment to develop the Antapaccay copper project, located around 10 kilometres from the Tintaya open pit mine which is expected to be exhausted in 2010.

Shares in BP continue to rise 7p to 353p on talk of Middle East investment and possible capping of the leaking Gulf of Mexico well.

Tullow Oil can proceed with the $1.5 billion acquisition of a 50% stake in two oil fields in Uganda from Heritage Oil. Tullow exercised its first refusal rights over blocks 1and 3A in the Albert Basin in Uganda after Heritage agreed to sell the stakes to Eni of Italy.

Aquarius Platinum is down 18p to 296p after five people died yesterday at its Marikana platinum mine when a shaft collapsed.

Storage firm Big Yellow Group enjoyed a ‘robust’ quarter with a particularly ‘strong’ June, Annualised store revenue rose 9% to ?59.8 million at 30 June 2010. Total store revenue was ?14.4 million for the quarter, up 10% from the same quarter last year.

THE FTSE 100 AT 10.00 IS DOWN 62 @ 4902

THE DOW JONES CLOSED UP 57 @ 9743

THE NASDAQ COMP CLOSED UP 2 @ 2093

Exchange Rates

GBP – USD 1. 5107

GBP – EUR 1. 2009