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BEST OF THE BROKERS

LLOYDS BANKING GROUP
Standard and Poor’s has maintained its hold recommendation on Lloyds Banking Group following better than expected results last week. This was driven by strong trading income, while expenses and
impairments came in about in-line with our estimates. Notwithstanding a sharp estimated decline in impairments, the bank will still be loss making in 2010 and
not paying dividends for the future.

REPSOL YPF
Collins Stewart is bullish on the oil and gas firm after evidence of improving refining margins and management confidence in further improvements in YPF’s profitability. 2010 promises to be another year of exploration catalysts for Repsol, with 14 exploration wells (6 in Brazil) and seven appraisal wells on significant discoveries in Brazil, GoM, West Africa and Venezuela. The broker has reiterated its buy stance.

Goldplat
WHIreland released a positive note on the gold producer, following interim results clearly demonstrating operational stability. However the boker also urged caution stating ”given the prevalent share price we are at a complete loss given the financial history and success of this company, as well as management’s tendency to under promise and over deliver. The broker retains its speculative buy recommendation.