This Morning in London major shares were modestly higher in opening deals, helped by a late recovery on Wall Street. Among early movers, BG Group (BG.) rose 33p to 1,022p, continuing yesterday's 10% surge after extremely positive test results from the Brazilian Tupi prospect operated by Brazilian state-owned energy group Petroleo Brasileiro in which it holds a 25% stake. In light of the results, which could yield 5-8 billion barrels of recoverable oil, Credit Suisse raised its rating to 'outperform' and its price target to 1,100p, while Deutsche Bank reiterated its 'buy' rating and upped its target to 1,090p. At 9:30 the FTSE-100 was up 55.4 points at 6,437.3 with the FTSE-250 ahead 99.3 points at 11,131.3.
BROKER RECOMMENDATIONS
Citigroup has lowered its price target on AstraZeneca (AZN) to 2375p from 2650p and on LogicaCMG (LOG) to 170p from 190p, but raised its price target on Man Group (EMG) to 700p from 690p.
The broker says hold Signet (SIG) (reducing the price target to 85p from 95p) and has cut the price target of Johnson Service (JSG) to 200p from 340p.
Deutsche has upgraded Punch Taverns (PUB) to buy from hold.
Exane BNP Paribas has downgraded Rentokil Initial (RTO) to neutral from outperform.
Goldman has added British Energy (BGY) to its Conviction Buy list.
Lehman has underweight on Mapeley (MAY) (cutting the price target to 2500p from 3198p).
Merrill says buy BG (BG.) (raising the price target to 1100p from 900p).
JP Morgan has overweight on SABMiller (SAB) (1565p price target - its top pick in the sector) and has underweight on Diageo (DGE) (1030p target price).
The broker has overweight on Punch Taverns (PUB) (cutting target to 1400p from 1600p).
JP Morgan has initiated coverage of Britvic (BVIC) appending an overweight recommendation, Scottish & Newcastle (SCTN) with a neutral recommendation and C&C (CCR) with a neutral recommendation and a €7.5 price target.
UBS says buy BAT’s (BATS) (raising the price target to 1980p from 1900p) and has upgraded Dairy Crest (DCG) to buy from neutral (750p target price).
The broker has cut the price target on Friends Provident (FP.) to 175p from 210p and raised the target on Imperial Tobacco (IMT) to 2160p from 2100p).
UBS has downgraded Misys (MSY) to sell from neutral and raised the price target on Old Mutual (OML) to 230p from 220p.
The broker has reduced the price target on BT (BT.A) to 285p from 295p.
NEWS ROUND-UP
Last Night in New York stocks extended losses after Federal Reserve Chairman Ben Bernanke painted a perilous economic outlook, and worries about Cisco Systems' quarter helped fuel a sell-off in the technology sector. A late surge in financial stocks helped trim losses, with the Dow Jones off 33.7 points to close at 13,266.3, with 15 of its 30 components lower. American International Group and IBM fronted the day's slide, with both blue chips closing lower, AIG off 3.3% and IBM down 4.5%. The S&P fell 0.85 points to 1,474.77, while the Nasdaq declined 52.76 points to 2,696.00.
On this day in:-
1812 - Beginning of one of the worst European winters on record, which severely hindered Napoleon Bonaparte's retreat from Moscow. French troops endured temperatures as low as Minus 37 Degrees Centigrade for almost 4-weeks.
1837 - Great British philanthropist Moses Montefiore became the first Jew to be awarded a knighthood in England.
1858 - The first concert performance of the New York Symphony Orchestra.
1859 - The Great British Army abolished flogging as a form of punishment.
1907 - The Cullinan Diamond, the largest diamond yet found, was presented by the Transvaal to King Edward VII.
1908 - Great Britain elected its first woman Mayor, when Mrs Garrett Anderson became Mayor of Aldeburgh in eastern England.
1918 - Poland declared independence.
1922 - The formation of the Schutzstaffel (SS) or 'Protection Squad' in Germany.
1937 - Japanese troops took Shanghai.
1963 - 450 Japanese miners were killed by an underground explosion at a coal mine in Umata.
1975 - Police find an unexploded bomb underneath the car of Conservative Party leader Edward Heath.
1979 - A computer fault led to a full-scale nuclear alert in the United States.
1988 - In Moscow, Gary Kasparov became the world chess champion, beating Anatoly Karpov who had held the title for 10-years.
1989 - The East German Government lifted the 'Iron Curtain', to allow free travel through the Berlin Wall, an offer immediately taken up by thousands of East Berliners.
