This Morning in London shares opened lower, reacting to sharp falls overnight on Wall Street. Asian markets also fell on fears over the impact of the assassination of Pakistani opposition leader Benazir Bhutto. Once again no results are scheduled on the company news diary but a big batch of firms are hosting AGMs, including Altona Resources (ANR), OEM (OEM), Knowledge Technology Solutions (KTS), Red Rock Resources (RRR), Regency Mines (RGM), Sportingbet (SBT) and Victoria Oil & Gas (VOG). At 8:50 the FTSE-100 was down 35.9 points at 6,461.9 with the FTSE-250 off 39.9 points at 10,568.4.
BROKER RECOMMENDATIONS
Cazenove reiterates outperform on Morgan Crucible (MGCR).
Citigroup has issued a review of the UK Bookmakers, in which they reiterate hold Ladbrokes (LAD) (cutting the price target to 325p from 385p) and says hold William Hill (WMH) (cutting the price target to 525p from 665p).
The broker reiterates buy Senior (SNR) (125p target) and hold Trinity Mirror (TNI) (cutting the price target to 365p from 420p).
Citigroup has issued a review of the Oil & Gas Sector, which includes sell BG (BG.) (raising the price target to 630p from 600p), hold Royal Dutch Shell (RDSA) (raising the target to 2120p from 2100p), hold Soco (SIA) (raising the target to 2630p from 2530p), hold Burren Energy (BUR) (raising the target to 1230p from 700p), hold Addax (AXC) (raising the price target to 2400p from 2200p) and buy Tullow Oil (TLW) (raising the target to 800p from 700p).
Daniel Stewart reiterates buy Prodesse (PRD) (target price 500p) and avoid Debtmatters (DEBT).
Deutsche has downgraded Wolseley (WOS) to hold from buy (cutting the price target to 763p from 1460p).
Goldman has upgraded LogicaCMG (LOG) to neutral from sell (157p target price) and has neutral on Rentokil (RTO) (cutting the price target to 130p from 157p).
The broker says buy Vanco (VAN) (cutting the price target to 345p from 363p).
Lehman has reviewed the Food & Drug Retailing Sector reiterating its neutral sector stance and reiterates overweight on William Morrison (MRW) (360p target price).
Merrill has upgraded Northern Foods (NFDS) to buy from neutral (100p target price) and reiterates buy Cobham (COB) (230p target price).
Morgan Stanley reiterates overweight on Urals Energy (UEN) (raising the price target to 604p from 529p) and has overweight on Carnival (CCL) (price target 2700p).
Panmure has downgrades Straight (STT) to hold from buy (cutting the price target to 90p from 210p) and reiterates buy Filtronic (FTC) (raising the target price to 227p from 209p).
The broker says sell Sandvine (SAND) (cutting the price target to 190p from 222p and reducing estimates).
Sanford Bernstein has reviewed the Energy Sector with its Top European Tips including Royal Dutch Shell (RDSA).
The broker has also reiterated its positive stance on the UK Insurance Sector.
SG Securities has downgraded Biffa (BIFF) to sell from hold (350p price target).
UBS reiterates sell Bodycote (BOY) (cutting the price target to 180p from 220p) and has neutral on Thus (THUS) (cutting the price target to 145p from 170p).
The broker says buy Unilever (ULVR) (raising its price target) and Berkeley Group (BKG) (raising the price target to 2172p from 2012p).
NEWS ROUND-UP
Last Night in New York, shares closed with steep losses, as the assassination of former Pakistani Prime Minister Benazir Bhutto hugely impacted the sentiment within the market. On an entirely less human note, purely just on the everlasting life of cold hard figures, there was also largely disappointing economic data, which also impacted on an already skittish market. The Dow Jones lost a hefty 192.08-points, to close at 13359.61 (with not one of the 30-constituents finishing the day in the blue), the Nasdaq fell 47.62-points to 2676.79, while the S&P lost 21.39-points to 1476.27.
on this day in:-
1975 - Rescue teams failed to reach any of the 372 miners trapped by an underground explosion at a coal mine in north east India.
1968 - Israeli commandos raided Beirut Airport -destroying 13 Arab aircraft.
1963 - The popular satirical TV programme 'That Was The Week That Was' was transmitted for the last time - allegedly scrapped by BBC governors due to political sensitivity.
1950 - Chinese forces crossed the 38th parallel in Korea.
1942 - World War II: Japanese planes bombed Calcutta in India.
1937 - The Irish Free State became the Irish Republic. A new constitution established the country as a sovereign state under the name of Eire.
1908 - A major earthquake shook southern Calabria, Italy and Sicily, with an estimated 75,000 people being killed.
1895 - French film pioneers Auguste and Louis Lumière publicly unveiled their Cinématographe at the Grand Café on the boulevard des Capucines in Paris. About 30 people paid to see short films showing scenes from ordinary French life, including the feeding of a baby, a game of cards, street activity, a working blacksmith, and soldiers marching. One of the films, which showed the head-on arrival of a train, caused many patrons to flee in horror. As early as 1885, hazy motion pictures had been produced, but it was not until the developments of the Lumière brothers that the first real cinema was made. Their Workers Leaving the Lumière Factory is considered the first motion picture of importance, and their screening at the Grand Café marked the birth of the film industry.
1879 - The collapse of the Tay Railway Bridge in Scotland, as the train from Edinburgh to Dundee was travelling across. The engine and carriages fell into the river below, killing 90 people.
1869 - Dentist William Semple patented chewing gum.
1846 - Iowa became a state of the American Union.
1836 - Spain formerly recognised the independence of Mexico.
1065 - The consecration of Westminster Abbey in London.
