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Good Morning ShareCrazies
This morning in London, markets opened with heavy losses before rebounding to trade positively, amid rumours of central bank intervention.
All eyes will be focused ahead towards Wall Street's return following yesterday's Martin Luther King Day holiday, with last week's hefty falls expected to continue after investors drew little comfort Friday from President Bush's economic stimulus plan to attempt to avert a recession.
By 9:45am, the FTSE100 was down again - 50.8 points at 5527.40 with the FTSE250 unchanged at 9260.60.
BROKER RECOMMENDATIONS
ABN Amro has initiated coverage of ENRC (ENRC) appending a buy recommendation and a 800p price target and reiterates hold Wolseley (WOS) (cutting the price target to 630p from 650p)
Goldman has issued a review of the Paper & Packaging Sector, which it has downgraded Rexam (REX) and DS Smith (SNDS) to sell from neutral
WH Ireland have downgraded Games Workshop (GAW) to underperform from market perform and reiterates buy Chemring (CHG)
The broker reiterates outperform on Hyder Consulting (HYD) (cutting the price target to 470p from 565p)
Lehman has resumed coverage of London Stock Exchange (LSE) appending an equal-weight recommendation and a 1800p price target and has equal-weight on Anglo American (AAL) (3600p price target, cutting estimates)
NEWS ROUND-UP
Last Night in New York markets were closed for the Martin Luther King Holiday.
On this day in:-
1973 - American boxer George Foreman knocked out Joe Frasier in Kingston, Jamaica, to became world heavyweight champion.
1972 - The United Kingdom, the Irish Republic and Denmark joined the European Common Market.
1952 - The first broadcast of the BBC Radio comedy programme 'The Goon Show' with Peter Sellers, Harry Secombe, Spike Milligan and Michael Bentine.
1944 - World War II: Allied troops began landing at Anzio on the coast of Italy.
1924 - Ramsay MacDonald became Great Britain's first Labour Prime Minister.
1923 - The tomb of Egyptian King Tutankhaman was opened by Great British archaeologists Lord Caenarvon and Howard Carter.
1905 - Russia's 'Bloody Sunday' in St Petersburg, as guards at the Winter Palace opened fire on a procession of workers and their families carrying a petition for the Tsar. More than 100 were killed, sparking riots elsewhere in Russia.
1901 - Queen Victoria died at Osborne House on the Isle of Wight, after a brief illness.
1879 - The day after the loss of 1,200 Great British troops at the Battle of Islandwana, less than 150 British soldiers held out against several thousand Zulus at Rorke's Drift in Natal.
1771 - Spain ceded the Falkland Islands in the South Atlantic to Britain.
WEEKLY DIARY
Click here to see this week's City Diary.
Compiled in association with HB PLC and WH Ireland Ltd
