RAMSEY CROOKALL & CO EVENING MARKET REPORT

27th May 2010

The London market rallied strongly this afternoon tracking a strong Wall Street.

Hedge fund manager Man Group climbed 23p to 238p after it beat full year profits forecasts and said it has begun to see a pick-up at its flag ship AHL fund.

BP was up 28p to 521p as hopes grew that it is getting to grips with its oil spill problems. The oil group confirmed this morning that ‘top kill’ operations at its leaking MC252 well in the Gulf of Mexico began last night and are ongoing, and unconfirmed reports suggest that the procedures are succeeding.

Shares in life insurer Prudential rose 35p to 547p on rumours that it is to scrap its planned $35.5 billion takeover of AIG’s Asian arm (AIA). Reports indicate institutional and private investors representing as much as 20% of the shares capital of the Pru intend to vote against the takeover plans at the ompany’s AGM on 7 June

Cobham’s slow start to its new financial year picked up with news of a new US navy contract. The company, which earlier this month said its defence and security businesses had started the year more slowly than anticipated due to delays in the award of certain US military contracts, announced the capture of a $46 million contract from Naval Air Systems.

Daily Mail publisher Daily Mail & General Trust ramped up adjusted profit during its first half and expects to achieve good growth in full year earnings, but remains cautious on the outlook for advertising.



World Markets

THE FTSE 100 CLOSED UP 157 @ 5195

THE DOW JONES AT 4.30 IS UP 220 @ 10,194

THE NASDAQ COMP AT 4.30 IS UP 60 @ 2256



Exchange Rates

GBP – USD 1. 4562

GBP – EUR 1. 178