RAMSEY CROOKALL & CO EVENING MARKET REPORT 15 JUNE 2010

London shares remained in positive territory this afternoon, with the sharp rise by BskyB more than offsetting the loss on BP.

Satellite broadcaster BSKyB has rejected a 700p per share offer from Rupert Murdoch’s News Corporation and said 800p per share is a more likely level for any deal to be considered.

Ratings agency Fitch has cut its rating of BP debt by six notches to ‘BBB’ from ‘AA’, barely above junk status, as the cost of tackling the oil spill and recompensing injured parties grows. The shares closed down 13p at 342p.

Tesco said it is continuing to see evidence of a steady consumer recovery in Britain as it reported UK like for like sales growth of 1.1%. Total group sales increased by 8.2%, while growth excluding petrol was 6.9%.

Housebuilder Bellway said uncertainty surrounding the new government’s fiscal policy has resulted in a slight reduction in visitor site visits and weekly sales rates. Nevertheless, with a strong forward order book, net cash in the bank of ?55 million and expected future margin improvement, Bellway remains well positioned to continue to deliver earnings growth.

Fashion retailer Ted Baker has seen a rise in sales this year to date. Total group revenue jumped by 18% in the 19 weeks from 31 January to 12 June and gross margins were maintained, in line with expectations.

THE FTSE 100 CLOSED UP 15 @ 5217

THE DOW JONES AT 4.30 IS UP 110 @ 10,301

THE NASDAQ COMP AT 4.30 IS UP 32 @ 2276

Exchange Rates

GBP – USD 1. 48

GBP – EUR 1. 20