RAMSEY CROOKALL & CO MORNING REPORT 25 JUNE 2010

London has shrugged off Dow Jones’ triple digit fall overnight as stocks initially opened higher this morning.

Banks are higher after the release of the Bank of England’s financial stability report that announced the introduction of new capital and liquidity rules which will be staggered, possibly over five years. Shares in Standard Chartered are up 48p to ?17.59.

BP has spent another $350,000 on the Gulf of Mexico oil disaster since Monday, taking the total cost to date up to $2.35 billion as the clean-up continues. The shares have fallen a further 20p to 304p this morning.

Anglo Swedish drugs group Astrazeneca said the US Food and Drug Administration has reset the decision date for its review of Astra’s motavizumab drug to August 27th. An FDA panel had raised concerns about the respiratory disease treatment in a statement released on 2 June.

Housebuilder Berkley reported the housing market in London and the South East has stabilised as it released better than expected full year figures. Pre tax profit dropped 8.4% to ?110.3 million in the year ended 30th April, on sales of ?615.3 million.

Sausage skin maker Devro reported stronger than expected first half year results. The group has made continuing progress in sales, pricing, and manufacturing efficiency and the shares are trading up 3p at 193p.



THE FTSE 100 AT 9.45 IS DOWN 11 @ 5088

THE DOW JONES CLOSED DOWN 145 @ 10,152

THE NASDAQ CLOSED DOWN 36 @ 2217

Exchange Rates

GBP – USD 1. 49

GBP – EUR 1. 21