RAMSEY CROOKALL & CO MARKET REPORT MIDDAY

24 May 2010

London’s top stocks turned into red in early dealings, with BP among the companies weighing on the Footsie.

The oil disaster in the Gulf of Mexico has cost BP about $760m (?525m) so far and the under-fire oil giant faces being “pushed out of the way” if its clean-up operation doesn’t do better. The shares are down 16.5p at 489.5p.

Peers Cairn Energy, Tullow Oil and Royal Dutch Shell are also among the worst performers.

On the opposite end, Prudential is the strongest riser on reports that US firm AIG has drawn up plans to float its Asian arm if the Pru’s attempts to buy it collapse. The shares are up 11.5p at 528.75p.

British Airways is up 3p at 188.5p even though cabin crew started their strike today despite last ditch attempts to get it averted.

Invensys grew full-year profit, though not by as much as analysis would have liked, but the firm still remains positive about the outlook based on its large order book and view of economic conditions.

Profits fell by 25% at bid target Chloride last year, as recession hit its markets in Europe and the US. The shares are down 2p at 281.5p.

AG Barr, the Scottish soft drinks maker best known for its Irn Bru concoction, said sales have continued frothing over in the new financial year.

World Markets

THE FTSE 100 AT 12:30 IS DOWN 20 @ 5043

THE DOW JONES CLOSED UP 125 @ 10,193

THE NASDAQ COMP CLOSED UP 25 @ 2229



Exchange Rates

GBP – USD 1.435

GBP – EUR 1.16