This Morning in London major stocks were lower in early deals, with Imperial Tobacco (IMT) succumbing to some profit-taking. Imperial was one of the biggest fallers, down 33p at 2,410p, after largely in-line full-year figures. Some dealers cited profit-taking, while others voiced concerns about its upcoming rights issue to help fund its Altadis acquisition. Imperial reported full-year adjusted operating profit up 9% to £1.475bn, with its full-year dividend raised by 12% to 69.5p. Sector peer British American Tobacco (BATS) also suffered, down 15p to 1,801p, hindered by a downgrade at Goldman Sachs to neutral from buy this morning. At 9:36 the FTSE-100 was down 29.5 points at 6,676.5 with the FTSE-250 off 30.9 points at 11,521.9.
Collins Stewart reiterates buy British Airways (BAY).
Evolution reiterates add Imperial Tobacco (IMT) and reiterates buy Luminar (LMR), Premier Foods (PFD), Summit Corp (SUMM) and Wolseley (WOS).
Goldman downgrades BAT’s (BATS) to neutral from buy.
KBC Peel Hunt reiterates hold Endace (EDA) and reiterates buy Luminar (LMR).
Merrill reiterates buy Wolfson Micro (WLF) and has neutral on Schroders (SDR).
Morgan Stanley has initiated coverage of Synergy Healthcare (SYR) appending an overweight recommendation.
Seymour Pierce reiterates hold Cheerful Scout (CLS) and reiterates buy Elixir Petroleum (ELP), Leyshon Resources (LRL) and London Asia (LDC).
UBS reiterates neutral on Chloride (CHLD) and reiterates buy Invensys (ISYS) and Tomkins (TOMK).
NEWS ROUND-UP
Last Night in New York stocks ended with gains, with expectations of another interest-rate cut by the Federal Reserve helping to bolster financial stocks badly battered in recent months by subprime mortgage losses. The Dow Jones rose 63.6 points to 13,870.3, with 23 of its 30 components finishing ahead. The S&P gained 5.70 points to 1,540.98, while the technology-laden Nasdaq advanced 13.25 points to 2,817.44.
On this day in:-
1997 - 19-year old British au pair Louise Woodward, was found guilty by a court in America of murdering 8-month old Matthew Eappen.
1995 - At Winchester Crown Court, Rosemary West, the wife of serial killer Frederick West, broke her 20-month silence to plead her innocence over her husband's murders.
1990 - English and French tunnellers met for the first time underneath the English Channel, during the construction of the Channel Tunnel.
1938 - In America, the radio broadcast of Orsen Welles' adaptation of the HG Wells novel 'War of the Worlds' caused widespread panic, its realism convincing many listeners that 'beings' from another planet had landed on earth.
1937 - The end of the world was almost nigh... when the 500,000-ton asteroid 'Hermes' shot past the earth, closer than any before. It missed by 485,000 miles, in astronomical terms it was a close shave.
1925 - In his workshop in London, John Logie Baird achieved the transmission of the first television pictures using the head of a dummy. He then persuaded a 15-year old office boy, William Taynton, to sit in front of a camera, becoming the first live person captured on camera.
1918 - Czechoslovakia was proclaimed to be an independent republic.
1650 - The Society of Friends became known as 'Quakers'. During a court case, the founder of the Society, George Fox, told the magistrate to 'quake and tremble at the word of God'.
1580 - English explorer Sir Francis Drake completed his circumnavigation of the world, when his ship, the 'Golden Hind' arrived back at Plymouth.
1485 - Henry VII founded the Yeoman of the Guard - 'Beefeaters' - to guard Royal Palaces in London.
