This Morning in London major shares opened higher. ITV (ITV) added 1.2p to 84.2p, after the Competition Commission recommended that BSkyB (BSY) should sell down its 17.9% stake in the broadcaster to below 7.5%, sparking new hopes of a bid for the UK TV group. At 9:20 the FTSE-100 was up 45.7 points at 6,330.2 with the FTSE-250 ahead 86 points at 10,317.9.
BROKER RECOMMENDATIONS
Citigroup has downgraded Bovis (BVS) to sell from hold and has initiated coverage of Hiscox (HSX) appending a hold recommendation and a 265p price target.
Credit Suisse reiterates neutral on BT Group (BT.A) (cutting the price target to 300p from 330p and reducing estimates).
Goldman has neutral on HSBC (HSBA) (cutting the price target to 1007p from 1041p) and Standard Chartered (STAN) (raising the price target to 2065p from 1987p).
HSBC reiterates underweight on Peter Hambro Mining (POG) (cutting the price target to 1000p from 1300p).
Merrill reiterates buy LogicaCMG (LOG) (cutting the price target to 162p from 190p).
JP Morgan has issued a review of the UK Pubs & Restaurants Sector, in which they have downgraded Mitchells & Butlers (MAB) to underweight from overweight, Marston’s (MARS) to underweight from neutral, Enterprise Inns (ETI) to neutral from overweight and have upgraded Restaurant Group (RTN) to overweight from neutral.
SG Securities says buy Kesa Electricals (KESA) (cutting the price target to 328p).
NEWS ROUND-UP
Last Night in New York stocks ended mixed after a volatile day that featured mixed signals on the credit crisis, with a potential downgrade of bond insurers dulling a mostly positive auction of funds to banks by the Federal Reserve. After trading up and down in a 150-point range throughout the day, the Dow Jones ended down 25.2 points at 13,207.3. Of the Dow's 30 components, 17 closed lower, with Walt Disney fronting the blue-chip's decline, its stock off 2.3%. Technology shares were among the Dow's advancing stocks, with IBM up 0.8% and Intel ahead 1.1%. The S&P fell 1.98 points to 1,453, while the Nasdaq gained 4.98 point to 2,601.01.
On this day in:-
1989 - The United States invaded Panama in an attempt to overthrow military dictator Manuel Noriega. The American government originally favoured Noriega because of his anti-communist beliefs, but U.S. policy changed in 1989 as communism collapsed in Europe and it was no longer as important to give unqualified support to anti-communist regimes. In the attack, the U.S. invaders promptly crushed Noriega’s Panamanian Defence Forces, and the dictator himself sought asylum in the Papal Nuncio in Panama City. He surrendered in January and was taken to the United States, where he was indicted on drug trafficking charges and accused of suppressing democracy and endangering U.S. nationals. Noriega was found guilty of drug trafficking and sentenced to 40-years in prison.
1979 - The introduction of the Housing Bill in Great Britain, forcing local councils to sell their houses to any tenants who wished to buy them.
1973 - Spanish Prime Minister Admiral Luis Carrero Blanco was assassinated in a bomb explosion while driving back from church. The Basque separatist movement, ETA claimed responsibility.
1971 - In Pakistan, Ali Bhutto became President following the resignation of Yahya Khan, after Pakistan was defeated in a 2-week war with India and lost control of East Pakistan, which became the state of Bangladesh.
1964 - In the Congo, in Africa, rebels massacred 15 Great British missionaries.
1960 - In West Germany, the last Commandant of the Auschwitz Concentration Camp was arrested.
1957 - American rock 'n' roll star Elvis Presley was called up to join the US Army.
1956 - Israel said it would not return the territory of Gaza to Egypt.
1955 - Cardiff was officially named the capital of Wales.
1949 - American film actor Clark Gable married the former Lady Ashley.
1945 - In Rome, Edda Mussolini, the daughter of Italian dictator Benitto Mussolini, was jailed for 2-years for aiding Fascism.
1936 - At least 200 people were reported dead in an earthquake in El Salvador.
1933 - Flying Down To Rio, the first film to feature dancing partners Fred Astaire and Ginger Rogers, is first shown in New York.
1928 - The England cricket team scored a record 636 against Australia in Sydney including 251 scored by Walter Hammond. England won the Test match by 8-wickets.
1928 - In Great Britain, Harry Ramsden opens his first Fish and Chip shop.
1924 - The leader of the German Nationalist Party, Adolf Hitler was released from prison, after serving 8-months for high treason.
1910 - The General Election produced a tie with the Liberal Party and Tory Party each winning 272 seats.
1860 - South Carolina seceded from the American Union and joined the Confederacy.
