This Morning in London shares were brightly higher in opening deals, bouncing back after yesterday's declines. Oil is a key focus today, as Shell (RDSA), up 20p at 2,075.5p, reported results ahead of analysts' expectations, albeit faltering, hurt by falling production and refining margins and increased costs. At 9:40 the FTSE-100 was up 70.2 points at 6,552.2 with the FTSE-250 ahead 160.7 points at 11,439.2.
BROKER RECOMMENDATIONS
Bear Stearns reiterates underperform on GlaxoSmithKline (GSK) (cutting the EPS figures by 8%).
Credit Suisse has upgraded Royal & Sun Alliance (RSA) to neutral from underperform (146p target price) and has initiated coverage of Biffa (BIFF) appending a neutral recommendation and a 285p price target.
The broker raises its price target on Pennon (PNN) to 692p from 679p.
Deutsche has issued a note on European Tobacco, in which they have downgraded BAT’s (BATS) to hold from buy (1800p price target) and reiterated buy Imperial (IMT) (raising target to 2600p from 2500p, its top pick).
Landsbanki says hold Ark Therapeutics (AKT) and reiterates buy BTG (BGC).
UBS has downgraded Intertek (ITK) to neutral and has removed the stock from its Preferred List, replacing it with Rentokil Initial (RTO).
NEWS ROUND-UP
Last Night in New York stocks rebounded, with Merrill Lynch & Co.'s larger-than-anticipated losses and negative news on the housing front cementing thoughts of another rate cut at next week's Federal Open Market Committee gathering. After shedding more than 200 points, the Dow ended 1 point lower at 13,675.3, with 15 of its 30 components lower, led by chip manufacturer Intel, which shed 3.2%. The brunt of the selling pressure was seen on the tech-heavy Nasdaq, which settled 24.5 points down at 2,774.76. Whilst the S&P fell 3.71 points to 1,515.88.
On this day in:-
1995 - Fans gathered outside Buckingham Palace, and sang 'Congratulations' after singer Cliff Richard formally received his knighthood.
1983 - At least 2,000 US Marines were involved in the invasion of Grenada.
1978 - The Queen opened the new Anglican Cathedral in Liverpool.
1976 - The new National Theatre on the South Bank in London, was officially opened.
1971 - Taiwan was expelled from the United Nations, which meant the People's Republic of China was now prepared to agree to join.
1968 - Parliament passed the controversial Race Relations Bill.
1961 - The first edition of the satirical magazine 'Private Eye'.
1956 - West Germany officially declared that former German leader Adolf Hitler was dead.
1951 - At the age of 26, Margaret Roberts (Thatcher) of the Conservative Party became the youngest candidate to stand at a general election. The Conservatives won a narrow overall majority, but the future Prime Minister failed to win her seat.
1936 - The world's first radio 'request' programme was broadcast by a station in Berlin. It was called 'You Ask-We Play'.
1931 - In New York, the opening of the George Washington Bridge between the island of Manhattan and New Jersey, the longest suspension bridge to have been built.
1917 - In Russia, the begining of the 'October Revolution'. Lenin and the Bolsheviks seized the Winter Palace in Petrograd and overthrew the provincial Government.
1909 - In Manchuria, the murder of Prince Ito of Japan by a Korean fanatic. Japan imposed a dictatorship in Korea.
1900 - Great Britain annexed the former Boer South African Republic and renamed it the Transvaal Colony.
1874 - Great Britain officially annexed the Fiji Islands in the South Pacific.
1854 - In the Crimean War, Great British commander Lord Cardigan led the ill- fated 'Charge of the Light Brigade' against Russian gun emplacements during the Battle of Balaclava.
1839 - In Great Britain, the first publication of Bradshaw's national railway timetable.
1415 - In the 'Hundred Year's War', the English Army, under King Henry V, defeated a vastly superior French Army at the Battle of Agincourt.
