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Good Morning ShareCrazies
This Morning in London major shares were firmly lower, as Asian losses overshadowed last night's US gains. Standard Life (SL.) was the among the biggest casualties early on, down 8.25p at 219.75p, as the life insurer said its highly-regarded UK head, Trevor Matthews, has resigned, as it reported an expected 11% increase in full-year sales. Banks were also among prominent fallers, with investors uneasy after news of a larger than feared fourth-quarter loss from Swiss banking giant UBS (UBS). Bank of Scotland (HBOS) slipped 7.25p to 392.5p, while Barclays (BARC) was off 5.25p at 486p. At 9:50 the FTSE-100 was down 54.4 points at 5,830.8 with the FTSE-250 off 76.1 points at 9,829.3.
BROKER RECOMMENDATIONS
Citigroup has upgraded Next (NXT) to buy from hold (raising the price target to 1700p from 1550p) and reiterates sell Barclays (BARC) (cutting the price target to 400p from 450p).
The broker has reviewed the UK Real Estate Sector, in which it has downgraded British Land (BLND) to hold from sell (raising the price target to 1100p from 1000p) and reiterated buy Brixton (BXTN) (lifting the price target to 430p from 375p).
Citigroup says hold Hammerson (HMSO) (raising the price target to 1200p from 1000p), Land Securities (LAND) (raising the price target to 1700p from 1650p) and Segro (SGRO) (raising the price target to 560p from 470p).
Credit Suisse has issued its Equity Strategy Review in which they reiterate underweight and are still cautious on Cyclicals.
The broker has raised its weighting in Technology, moving US Retailing up to benchmark. They have reduced European Retailing to underweight and have further increased its underweight view on Hotels. The broker’s preferred sectors are Investment Banks and those that they consider to be cheap Re-Insurers.
Lehman has resumed coverage of Imperial Tobacco (IMT) appending a buy recommendation and a 2890p price target and has underweight on Mitchells & Butlers (MAB) (cutting the price target to 450p from 550p.
The broker has equal-weight on TUI Travel (TUI) (raising the price target to 280p from 260p).
SG Securities has reviewed the IT services Sector in which they say sell LogicaCMG (LOG).
The broker reiterates its underweight sector view on European Capital Goods, cutting estimates by an average of 4% for 2008 and 10% for 2009.
NEWS ROUND-UP
Last Night in New York stocks closed with solid gains, fueled by investors' expectations of another interest-rate cut on Wednesday from the Federal Open Market Committee. The Dow Jones rose 96.4 points to 12,480.3, with 19 of its 30 components ending ahead, with telecommunications stocks among the blue chips posting the strongest gains. The S&P gained 8.34 points to 1,362.30, while the Nasdaq, down for much of the session, gained 8.15 points to 2,358.06.
On this day in:-
1606 - In London, Sir Everard Digby, Thomas Winter, John Grant and Thomas Bates were hung drawn and quartered for their part in the 'Gunpowder Plot' organised by Guy Fawkes to blow up the Houses of Parliament.
1649 - In Whitehall, London, Charles I was beheaded, after being found guilty of treason.
1790 - The world's first purpose-built lifeboat was launched on the River Tyne in the north of England.
1826 - The opening of the Menai Bridge linking north Wales to the island of Anglesey.
1933 - Adolf Hitler became Chancellor of Germany.
1948 - Indian leader Mahatma Gandhi was assassinated by a Hindu in New Delhi.
1951 - Actress Elizabeth Taylor, aged 19, divorced her first husband, hotel chain heir Nicky Hilton.
1958 - The French fashion designer Yves Saint Laurent, aged 22, held his first major fashion show in Paris.
1961 - The contraceptive pill went on sale in Great Britain, although it didn’t become available on the National Health Service until December.
1965 - In London, the funeral procession for former Prime Minister Sir Winston Churchill, Great British leader during World War II.
1969 - The Beatles made their last public performance on the roof of their record company, 'Apple' in Saville Row, London.
1972 - 'Bloody Sunday': British troops shot dead 14 people during a demonstration in Londonderry, Northern Ireland, claiming they opened fire in response to shots from gunmen in a nearby block of flats.
1979 - White Rhodesians agreed changes to the constitution that led to founding of Zimbabwe.
2003 - Richard Reid, a British born extremist, was sentenced to life imprisonment due to trying to bomb an American Airlines flight with a shoe bomb.
WEEKLY DIARY
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Compiled in association with HB PLC and WH Ireland Ltd
