RAMSEY CROOKALL & CO

MORNING MARKET REPORT

7th JUNE 2010

London shares are opening lower again following a disappointing US unemployment figure on Friday and weak Asian markets overnight.

The Gulf of Mexico oil spill has now cost BP a staggering $1.25 billion and is expected to keep rising for many months to come. The latest attempt to stop the leak is only capturing half the oil, but that is a lot more than last week. BP shares are up 4p at 437p.

Life insurer Prudential shares fall 10p to 546p as it moved to nip in the bud any rebellions at its AGM today by revealing strong trading figures for April and May. Sales for the first five months of 2010 rose 27% to ?1.37 billion, with Asia and the US the main drivers.

Banks are accounting for much of the FTSE’s weakness on reports George Osborne, the UK chancellor, is to press ahead with plans for a levy on UK based banks, even though the rest of the finance ministers at G20 summit dropped the plan. Royal Bank of Scotland is down a penny at 42p, Lloyds down 2p at 53p and Barclays down 9p at 279p.

Oil engineering services provider Lamprell said performance has been in line with expectations and continues to see high levels of enquiries for services in most sectors. Efforts to diversify the s cope of our operating markets is beginning to bear fruit, as evidenced by the contracts wins so far, in 2010.



THE FTSE 100 AT 9.35 IS DOWN 57 @ 5068

THE DOW JONES CLOSED DOWN 323 @ 9921

THE NASDAQ COMP CLOSED DOWN 83 @ 2219

Exchange Rates

GBP – USD 1. 4428

GBP – EUR 1. 2069