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Good Morning ShareCrazies
This morning in London, blue-chip stocks rapidly advanced in early trade after a massive turnaround on Wall Street late yesterday.
Among the FTSE 100 risers in early trade today was Prudential (PRU), up 74 pence at 700. Ping An Insurance (Group) Co of China Ltd, the country's second-largest life insurer, may take a stake worth 100 billion yuan in in the company, it has been reported.
Other insurers also rallied, as equity markets recovered from recent weakness.
At 9.50 am the FTSE 100 index was up 59.4 points at 5,799.5. Yesterday, the index fell 130.8 points to close at 5,609.3. The FTSE 250 index was up 294.2 points at 9,907.0.
BROKER RECOMMENDATIONS
ABN Amro (YELL) says buy Yell Group
Citigroup has upgraded Anglo American (AAL) to buy from hold and HMV (HMV) to buy from hold (135p price target)
Credit Suisse has issued a review of the European Capital Goods in which it has upgraded Bodycote (BOY) , Spirax Sarco (SPX) and Halma (HAMA) to outperform from neutral and downgraded IMI (IMI) to neutral from outperform, the broker has neutral on Aga Foodservice (AGA) (cutting the price target to 350p from 440p and Cookson (CKSN) (cutting the price target to 690p from 900p), FKI (FKI) (cutting the price target to 70p from 115p), Invensys (ISYS) (cutting the price target to 250p from 320p), Morgan Crucible (MGCR) (cutting the price target to 215p from 260p) and Weir Group (WEIR) (cutting the target price to 705p from 820p), having underperform on Tomkins (TOMK) (cutting the price target to 160p from 240p) and has outperform on Enodis (ENO) (cutting the target price to 200p from 250p)
Daniel Stewart has upgraded Asos (ASC) to buy from hold (raising the target to 280p from 260p) and reiterates hold ICAP (IAP) (with its target under review)
The broker says buy Healthcare Locums (HLO) (155p price target)
WH Ireland has upgraded RPS (RPS) to buy from outperform and reiterates buy Renishaw (RSW)
JP Morgan has upgraded Royal & Sun Alliance (RSA) to overweight from neutral
NEWS ROUND-UP
Last Night in New York stocks reversed course to strike solid gains after an oversold market found a bottom, albeit a likely temporary one, with financials leading the way higher in the wake of the Federal Reserve's interest-rate cut and prospects of another Fed move next week. Down about 300 points earlier on, the Dow Jones finished the session up 298.98 points at 12,270.17. The S&P climbed 25.03 points to 1,335.53, with the Nasdaq gaining 24.66 points to 2,316.93.
On this day in:-
1848 - James Marshall discovered gold at Sutter's Sawmill in California, sparking the 'Great Gold Rush'.
1916 - World War I: Great Britain introduces Conscription, the automatic call-up of all those eligible to join the Armed Services.
1935 - In America, canned beer went on sale for the first time, made by the Krueger Brewery of Richmond, Virginia.
1972 - Local farmers discovered Shoichi Yokoi, a Japanese sergeant who, unaware that World War II was over, had been hiding in the jungles of Guam for 28-years. Guam, a U.S. possession in the western Pacific, was attacked and captured by the Japanese in 1941.
1976 - Margaret Thatcher, leader of the Conservative Party, was dubbed 'The Iron Lady' in the Soviet newspaper 'Red Star,' after her speech on the threat of Communism.
1986 - The beginning of the end for London's Fleet Street, home to most of Great British national newspapers, when staff of the 'Sun' and 'News of the World' were told that they were moving to new premises in London's Docklands.
WEEKLY DIARY
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Compiled in association with HB PLC and WH Ireland Ltd
