This Morning in London blue-chip shares opened modestly lower on this, the final half-day trading session of 2007. With absolutely nothing scheduled for release on the UK corporate diary today, and with the stock market closing at 12.30 pm, those traders unlucky enough to be in the office should simply just be squaring positions ahead of the year-end. At 8:30 the FTSE-100 was down 16.3 points at 6,460.6 with the FTSE-250 off 4.2 points at 10,646.1.
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 Friday in New York, shares ended a volatile day fractionally higher, after data showed that house sales had fallen to their lowest level in 12-years re-ignited concerns about the U.S. economy and the housing crisis. The Dow Jones closed up 6.26-points at 13365.87, the Nasdaq slipped 2.33-points to 2674.46, while the S&P added 2.12-points to close at 1478.49. On the week, all three major indices were lower. However, the Dow is on track for a yearly gain of 7.2%, the Nasdaq for a rise of 10.7% and the S&P for a gain of 4.2%.
On this day in:
1990 - World chess champion Gary Kasparov won the world chess championship beating fellow Russian Anatoly Karpov.
1960 - The Great British coin, the farthing, in use in the country since the 13th Century, ceased to be legal tender.
1938 - Dr R.N.Harger's 'drunkometer' was officially used to breathalise drivers by the Indianapolis Police department in the USA.
1935 - Charles Darrow patented his new board game - Monopoly.
1927 - The end of the use of the lance by the Great British army.
1911 - Scientist Marie Curie received a second Nobel Prize - an unprecedented event in the history of the award. Born in Poland, Marie won her first Nobel Prize along with her husband, French scientist Pierre Curie, in 1903.
1901 - Tomas Estrada Palma was elected President of Cuba.
1900 - For the first time since 1797, a large upright stone and lintel suddenly fell over at the Stonehenge prehistoric monument site.
1879 - In the first public demonstration of his incandescent lightbulb, American inventor Thomas Edison lit up a street in Menlo Park, New Jersey. Although the first incandescent lamp had been produced 40-years earlier, no inventor had been able to come up with a practical design until Edison embraced the challenge in the late 1870’s. After countless tests, he developed a high-resistance carbon-thread filament that burned steadily for hours and an electric generator sophisticated enough to power a large lighting system. One of the most prolific inventors in history, Edison acquired a record 1,093 patents in his lifetime and laid the basis for the modern electric world.
1865 - The capital of New Zealand was moved from Auckland to Wellington.
1695 - A Window Tax was introduced into Great Britain, which led to many of them being bricked up.
1494 - French forces of King Charles VIII entered Rome.
