RBS - Round Up

This material has been produced by RBS sales and trading staff and should not be considered independent.

The Round Up

19 January 2010

Issue No. 256

The Round Up is a comprehensive daily note produced by the RBS Warrantsteam providing an overview of market movements along with quality ideas forwarrant traders and investors.

In today’s issue

Global Market Action

Scoreboard, commentary

Aussie Market Action

SPI Comment, Events & Dividends

NWS (NWSKZJ) MINI Trading Buy

‘Avatar’ Profits

QAN (QANKZK)

MINI Trading Buy

– Guidance confirms recovery

ASX (ASXKZI) MINI Trading Buy

– Strong November trading

Round Up Corner December Quarterly review

Equities

Move Last % Move Range Volume

ASX 200+11.5 4911.1 +0.2%

-34 to +18 $5.0 bn(A)

SPI - yesterday+5.0 4887.0 +0.1%

-9 to +6 726(L)

Dow Jones- - -

-

-S&P 500- - -

-

-Nasdaq- - -

-

-FTSE+39.0 5494.4 +0.7%

-1 to +49

Very High

Commodities

Move Last % Today % Past Month

Oil-WTI spot+0.25 78.25 +0.3% +6.7%Gold Spot+2.67 1133.60 +0.2% +1.8%Nickel (LME)+13.20 853.58 +1.6% +10.5%Aluminium (LME)-0.14103.14-0.1%+3.3% Copper (LME)+3.24 339.03 +1.0% +10.0%Zinc (LME)+0.57 111.32 +0.5% +3.2%Silver+0.23 18.64 +1.2% +8.0%Sugar-0.1427.62-0.5%+13.9%

Dual Listed Companies (DLC’s)

Move %Move Last AUD Terms Diff to Aus

NWS (US)- - - -

-

RIO (UK)+32.0 p +0.9% £36.15 63.66

-1465.6 c

BLT (BHP UK)+30.0 p +1.5% £20.745 36.53

-690.6 c

BXB (UK)+2.3 p +0.6% £3.868 6.81

-14.9 c

American Depository Receipts (ADR’s)

Move %Move Last AUD Terms Diff to Aus

BHP (US)- - - -

-

AWC (US)- - - -

-

TLS (US)- - - -

-

ANZ (US)- - - -

-

WBC (US)- - - -

-

NAB (US)- - - -

-

LGL (US)- - - -

-

RMD (US)- - - -

-

JHX (US)- - - -

-

PDN (CAN)- - - -

-

Overnight Commentary

United States Commentary

USclosedforDrMartinLutherKingJnrDay.

United Kingdom & Europe Commentary

TheFTSEgained39pointstodayastakeoverspeculationliftedsentimentallowingthebanksandtheminerstoreclaimsomeofFridayslosses.TheFTSEfinishedthedayup0.7%,theDAX+0.7%andtheCAC+0.6%.

UK Banks -

Spookedinvestorsreturnedtofinancialstodayastheirworrieseased.Lloydswasthebestperformerofthedayfinishing+3.2%whileBarclaysaddedagainof2.1%.

Retail -

RetailersfoundsupportfollowingtherecentselloffasinvestorstipthatWMMorrisonSupermarketswillreportstrongChristmassalesfigures.Thestockclosed+1.9%whileSainsburyandTescoaddedgainsof0.3%and0.8%respectively.

Commodites Commentary

Miners -

Theminingsectorhadagoodruntodayledbymetalpricesandfadingfearofdemandconstraints.Anglo,BHP,Xstrata,RIOandKazakhmysallhadadayoutclosingupbetween0.5%and3.2%addingover12pointscollectively.

Energy -

Arelativelyuneventfuldaywithinthemajoroilstocksonthebackofanuneventfulcrudeprice.InternationalPowerbeganthedaystronglyup10%asspeculationsurfacedtheywouldbetakenoverbyFrance'sGDFSUEZ.Whenthisspeculationwassquashedlateafternoonthestockcollapsedfinishingtheday-3.4%.

SPI Commentary

The SPI traded up 11pts or 0.3% to 4871. Open at 4871 with a high of 4899 and a low of 4818. Volume 22,932. Overnight the SPItraded up 7pt to 4887.