This Morning in London the FTSE-100 opened in fine fettle and at 9:34 the index was up 46.1 at 6201.4. There has been a lack of lead and direction from Wall Street, as it was closed yesterday for Thanksgiving. Rumours of a bid for Vedanta (VED) has helped the mining shares and has lit a light under the hopes of general M&A activity.
BROKER RECOMMENDATIONS
Citigroup has upgraded Aviva (AV.) to buy from hold.
Deutsche has issued an Aerospace and Defence review in which they say buy Cobham (COB), BAE Systems (BA.) and Meggitt (MGGT) (cutting the price target to 335p from 340p) and hold Rolls-Royce (RR.).
The broker reiterates hold William Morrison (MRW) (raising the price target to 315p from 300p) and buy Tesco (TSCO).
Evolution reiterates add Abbot Group (ABG) (350p target) and says buy Micro Focus (MCRO) (318p target), Rank Group (RNK) and Tribal Group (TRB) (175p target).
The broker says reduce William Hill (WMH) (475p target) and Wolseley (WOS) (600p target).
JM Finn Capital Markets reiterates buy Northern Foods (NFDS) (price target 110p).
HSBC has upgraded Anglo American (AAL) to overweight from neutral (3500p target price).
KBC Peel Hunt has issued a positive note on Intermediate Capital (ICP) and says buy Venture Production (VPC).
Lehman reiterates equal-weight on Kesa (KESA) (cutting the price target to 278p from 320p) and has overweight on Acambis (ACM) (190p target price, cutting estimates).
The broker has overweight on William Morrison (MRW) (360p target).
Morgan Stanley has overweight Synergy Healthcare (SYR) (raising the price target to 1100p from 1050p) and Britvic (BVIC) (390p target).
Panmure says buy Intermediate Capital (ICP) and hold GCap (GCAP).
The broker says buy Helesi (HLS) and Phoenix Investment Trust (PNX) and has upgraded SPI Lasers (SPIL) to buy from hold (60p target).
Panmure reiterates buy WS Atkins (ATK) (1320p target).
SG Securities has initiated coverage of Barclays (BARC) appending a buy recommendation and a 610p price target.
NEWS ROUND-UP
Last Night in New York Wall Street was closed for the Thanksgiving holiday.
On this day in:-
1997 - The financial world faced more turmoil as one of Japan's leading stockbroking firms, Yamaichi Securities, collapsed with debts of £30-billion.
1976 - Comedians Eric Morecambe and Ernie Wise received the Order of the British Empire (OBE) from the Queen.
1963 - The BBC transmitted the first episode of a new children's drama, Dr Who. The title role was played by actor William Hartnell. His female assistant is played by Carole Ann Ford.
1956 - In Great Britain, the introduction of petrol rationing prompted by the Egyptian blockade of the Suez Canal, the main oil route from the Middle East to Europe.
1930 - The founding of the Veteran Car Club of Great Britain.
1921 - US President Warren Harding closed a loophole in the American prohibition laws by banning doctors from prescribing alcohol for medicinal purposes.
1914 - World War I: The end of Battle of Ypres.
1910 - The execution of wife-poisoner Dr Hawley Harvey Crippen, hanged at Pentonville Prison in London.
1906 - Italian operatic tenor Enrico Caruso was fined $10 for sexual harassment.
1905 - Liberal Party leader Sir Henry Campbell-Bannerman advocated Home Rule for Ireland, by installments, in a controversial speech in Scotland.
1897 - The first Royal Command Performance was staged at Windsor Castle in the presence of Queen Victoria. However, history should have recorded that the first Royal Variety Performance (not Command) was performed in Edinburgh in July 1911 to coincide with the Coronation of King George V. Tragically, it records that the venue, the Empire Palace Theatre, burned to the ground some weeks earlier killing some of the performers who were due to take part. Understandably, the event was cancelled. It went ahead the following year but this time at The Palace Theatre, Shaftsbury Avenue, London, but would not establish itself as an annual event for another decade.
1889 - In America, the world's first 'juke box' was installed in a bar in San Francisco.
1863 - American Civil War: Confederate forces were defeated by the Union Army at Chattanooga, in Tennessee.
1852 - Great Britain's first 4 pillar boxes came into service on the Channel Island of Jersey. The idea came from English novelist Anthony Trollope, who worked for the General Post Office in London before becoming a writer.
1844 - In America, Democrat James Polk won the US Presidential election, defeating Henry Clay.
