RAMSEY CROOKALL & CO MORNING MARKET REPORT 16 JUNE 2010

London shares have made a promising start following last night’s 200-point rally on Wall Street.

Sainsbury’s has surpassed Tesco’s growth figures with a 4.6% increase in like for like sales during the first quarter. The shares are up 2p at 326p.

BP is in the headlines again after 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 are 11p higher at 437p 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, up a penny at 45p 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 AT 9.40 IS UP 17 @ 5235

THE DOW JONES CLOSED UP 213 @ 10,404

THE NASDAQ COMP CLOSED UP 61 @ 2305

Exchange Rates

GBP – USD 1. 476

GBP – EUR 1. 202