RAMSEY CROOKALL & CO MIDDAY REPORT 30 JUNE 2010

Buyers have returned to the London market and although gains are limited, the FTSE has been buoyed by strong demand for pharmaceuticals and energy stocks.

Shares in Anglo-Swedish drugs giant Astrazeneca have leapt 9% to ?32.05 after it received a favourable US ruling in its battle to keep control of the patents to its best selling cholesterol lowering drug Crestor.

BP shares are trading 7% higher at 325p after a broker’s note suggested the company is ripe for takeover by a stronger rival such as Exxon Mobil or Royal Dutch Shell.

Rio Tinto is to raise its stake in Ivanhoe Mines by 7.3% to 29.6% and provide sufficient funds to Ivanhoe to continue the development of the Oyu Tolgoi copper and gold complex as scheduled.

Standard Chartered has confirmed that it is buying $500 million of the H shares being floated by Agricultural Bank of China, one of the top four commercial banks in China.

Oil services specialist Hunting said trading in the first half had been ‘very positive’ despite the BP oil spill and sluggish natural gas prices.

HMV announced results that were in line with market expectations, while sales burst through the ?2 billion level to hit a record level. More importantly for income investors who have taken advantage of the stock’s 13% dividend yield, the full year dividend has been held at 7.4p.

Big hits such as ‘Avatar’ and ‘Iron Man’ helped cinema chain Cineworld overcome the competing attractions of the World Cup and lift revenue by 3.7% in the half year to June.

THE FTSE 100 AT 12.30 IS UP 29 @ 4943

THE DOW JONES CLOSED DOWN 268 @ 9870

THE NASDAQ AT CLOSED DOWN 85 @ 2135

Exchange Rates

GBP – USD 1. 50

GBP – EUR 1. 22