RAMSEY CROOKALL & CO MORNING MARKET REPORT 15 JUNE 2010

London’s top stocks opened lower in early dealings following yesterday’s good gains, despite a multi billion approach to BSKyB from 39% shareholder Rupert Murdoch.

Satellite broadcaster BSKyB 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.

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%. With the effects of January’s VAT increase stripped out, UK sales growth was 0.1% in the thirteen weeks ending 30 May. 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 AT 9.50 IS UP 1 @ 5203

THE DOW JONES CLOSED DOWN 20 @ 10,190

THE NASDAQ COMP CLOSED UP 1 @ 2243

Exchange Rates

GBP – USD 1. 474

GBP – EUR 1. 209