RAMSEY CROOKALL & CO EVENING MARKET REPORT 16 JUNE 2010

London shares are consolidating modest gains in a relatively quiet trading session.

Sainsbury’s has surpassed Tesco’s growth figures with a 4.6% increase in like for like sales during the first quarter and the shares have closed up 2p at 327p.

BP fell 5p to 337p in volatile trade as the shares reacted to last night’s address from the oval office by President Obama. He demanded that the oil giant hand over control of compensation payments for the Gulf Coast oil spill. Official estimates now put the amount of oil leaking into the Gulf at 60,000 barrels a day compared with initial estimates from BP of just 5,000.

Shares in Cairn Energy fell a penny to 425p after receiving formal approval from the Government of Greenland to start drilling the first two wells of a planned four well exploration programme in the Disko West area, offshore Greenland.

Royal Bank of Scotland has sold its Pakistani subsidiary to Faysal Bank Limited for €41 million, or about 2.5 rupees per share, a substantial discount to last night’s closing price in Karachi.



THE FTSE 100 CLOSED UP 19 @ 5237

THE DOW JONES AT 4.30 IS DOWN 22 @ 10,382

THE NASDAQ COMP AT 4.30 IS UP 1 @ 2307

Exchange Rates

GBP – USD 1. 484

GBP – EUR 1. 204