RAMSEY CROOKALL & CO MORNING REPORT 22 JUNE 2010

The FTSE has opened lower ahead of the coalition government’s eagerly awaited emergency budget at 12.30 today. The package of measures is expected to be the most draconian in 30 years. The Chancellor will say that tough action raising taxes and cutting spending is unavoidable.

Miners are dragging the index down, as yesterday’s China-inspired rally fizzles out. Fresnillo and Kazakhmys are the worst performers, down 2?%.

British Airways, up 1p at 214p has taken a major step towards restructuring its huge pension liabilities after the trustees of is two pension funds agreed a recovery plan that avoids their closure to members.

Premier Inn and Costa Coffee were the star performers for hotel and restaurant chain Whitbread as it posted a record 7.6% like for like sales rise.

Electronic sensors form Halma has produced record results for the seventh year in a row with an increase in adjusted profit of 9%.

Distribution and outscourcing group Bunzl said overall trading i s in line with full year expectations with revenue growth of 2%.

THE FTSE 100 AT 9.45 IS DOWN 38 @ 5361

THE DOW JONES CLOSED DOWN 8 @ 10,442

THE NASDAQ COMP CLOSED DOWN 20 @ 2289

Exchange Rates

GBP – USD 1. 473

GBP – EUR 1. 196