RAMSEY CROOKALL & CO MORNING MARKET REPORT 11 JUNE 2010

A revival by BP has started the London market off on the front foot this morning after a surge by oil stocks on Wall Street.

BP is the best performer, up 20p at 385p. The company yesterday reported the amount of oil it is capturing from the Gulf of Mexico leak has risen to 15,800 barrels per day, though an upward revision of how much is leaking to up to 30,000 barrels suggests it has some way to go.

On the financial front, UK fund managers are now telling US president Obama to back off in his verbal attacks on the company, while David Cameron will talk to the US president about the situation next week.

Cairn and Tullow are also higher in a buoyant oil sector.

The BHP Billiton chairman has written to shareholders to restate the mining giant’s opposition to the new super tax on the mining industry proposed by the Australian government. He said meetings with government representatives since the controversial plan was first announced on 2 May have been about how the tax would be brought in, not about its ‘major design features (and flaws).

Pub group and brewer Fuller’s is cheering even before the World Cup starts. The London based group posted record profits last year as its managed pubs and hotels pushed forward with its brewing business also going well. Profits in the year to March jumped 86% to ?26.8 million.



THE FTSE 100 AT 9.45 IS UP 10 @ 5143

THE DOW JONES CLOSED UP 273 @ 10172

THE NASDAQ COMP CLOSED UP 59 @ 2218

Exchange Rates

GBP – USD 1. 4675

GBP – EUR 1. 2125