RAMSEY CROOKALL & CO

MIDDAY MARKET REPORT

8th JUNE 2010

UK stocks have tumbled this morning after Fitch labelled Britain’s fiscal challenge as ‘formidable’.

BP features among the worst performers as US president Barack Obama said he’d sack the British companies chief executive Tony Hayward. BP has suffered another blow when Russia’s state-run gas giant Gazprom said it had no need for the British oil company’s massive Kovykta gas field in Siberia.

Tesco is down 12p at 395p. Chief Executive Sir Terry Leahy is to retire next March with Philip Clarke moving up to take his place as CEO at the UK’s top supermarket chain.

Leahy steps down after 14 years in the top job, a period that has seen Tesco become the dominant force in UK grocery retailing and start to make significant inroads into overseas markets in Asia and more recently the US.

Chloride shares rise 17% to 340p after agreeing an ?860 million 235p per share takeover bid from ABB. Emerson Electric may also be interested in the power supplies group.

Newsagent chain WH Smith announced the retirement of chairman Robert Walker as it revealed a 4% fall in like for like sales in the fourteen weeks to June 5.

Falkland Basin explorer Rockhopper is to raise ?48.5 million through a placing of 17.3 million new shares at 280p apiece, a small discount to the current price of 298p.

THE FTSE 100 AT 12.30 IS DOWN 50 @ 5018

THE DOW JONES CLOSED DOWN 115 @ 9816

THE NASDAQ COMP CLOSED DOWN 45 @ 2173

Exchange Rates

GBP – USD 1. 44

GBP – EUR 1. 21