RAMSEY CROOKALL & CO MORNING REPORT 5 JULY 2010

Early gains for the FTSE 100 have disappeared quickly in the face of a poor start for the miners and in the absence of Wall Street, closed for Independence Day.

BP is one of the gainers on reports the governments of Kuwait, China and Singapore would inject funds under a ?6 billion plan designed to shore up the oil groups finances in the wake of the Gulf disaster. The cost of the clean up has now exceeded $3 billion. The shares are up 8p at 329?p.

Premier Oil has upgraded reserves estimates for Catcher and Catcher East to between 60 million barrels and 100 million barrels after striking oil again at the lucrative field in the UK Central North Sea.

Part-nationalised lender Lloyds Banking Group is selling a portfolio of 40 private equity investments in its Bank of Scotland Integrated Finance unit to a newly formed joint venture for ?32 million in cash. The new joint venture, called Cavendish Square Partners, will be marginally owned by a private equity investor Collier Capital, with Lloyds Banking Group retaining a stake of around 30%.

Mining giant Rio Tinto has sold the last two remaining parts of its Alcan Packaging business. Medical Flexibles, which comprises four North American plants, had been bought for $66 million by Amcor, and completes Amcor’s acquisition by the global Pharmaceuticals, global Tobacco, Food Europe and food Asia divisions.



THE FTSE 100 AT IS DOWN 2 @ 4835

THE DOW JONES CLOSED DOWN 46 @ 9686

THE NASDAQ CLOSED DOWN 9 @ 2091

Exchange Rates

GBP – USD 1. 5125

GBP – EUR 1. 2069