Good morning all.

SABMILLER DOWNGRADED TO 'HOLD' FROM 'BUY' BY CITIGROUP SMITH BARNEY

Morning all.

Long SPS 54 earlier

long SOF 153 s/l on

long RGU 87.50 s/l on

London shares - midmorning features

FTSE 100 risers
Sage Group 194-1/2 up 1-1/2
FY profits up 20 pct; CAI Cheuvreux/Cazenove'outperform'
Enterprise Inns 691-1/2 up 8-1/2
Arbuthnot/UBS/Deutsche Bank/Morgan Stanley positive
GlaxoSmithKline 1,119 up 18
Recent upbeat Pfizer statement; CSFB favourite
Vodafone 143-1/2 up 1-1/2
Buys back 41 mln shares; CSFB positive
Man Group 1,491 up 1
'Outperform' - Cazenove; Morgan Stanley ups target to 1,545 pence from 1,480
Hilton Group 260-1/4 up 2
Seymour Pierce 'buy'
Daily Mail & General 726-1/2 up 6
Citigroup reiterates 'buy'; Panmure 'buy' with 825 pence target

FTSE 100 fallers
Associated British Foods 735-1/2 xd down 12-1/2
Sanford Bernstein initiates coverage with 'underperform'
SAB Miller 878 down 2-1/2
'Hold' from 'buy' - Citigroup; buys remaining ABI shares
Old Mutual 130-3/4 down 1/2
'Reduce' from 'neutral' - UBS
Wolseley 895-1/2 down 5-1/2
'Sell' from 'hold' with target cut to 800 pence from 880 - Deutsche Bank

FTSE 250 risers
Shaftesbury 330-3/4 up 26-3/4
FY results; NAV up 20 pct; Merrill 'buy' with NAV ests upped; Cazenove 'buy'
Mitchells & Butlers 311 up 9
FY results beat forecasts; Cazenove 'outperform'; Investec 'strong buy'
Virgin Mobile 218 up 5
'Equal-weight' - Morgan Stanley
Geest 596 up 11
Bakkavor now free to bid
Arla Foods 55 up 1
Results yesterday
De Vere Group 445 up 6-1/4
FY profits up 14.7 pct; CSFB ups target to 480p; Cazenove 'outperform'
Millennium & Copthorne 365 up 4
2 mln stg payment withheld on Birkenhead sale
Bradford & Bingley 278 up 3
Rules out housing market crash; upbeat statement
Punch Taverns 603-3/4 up 1-1/2
CAI Cheuvreux prefers to Mitchells & Butlers
Rank Group 304-3/4 up 1-1/4
Seymour Pierce 'buy'

FTSE 250 fallers
Premier Farnell 197 down 7-1/2
Q3 results due Dec 9; 'underperform' with 165 pence target - CSFB
Bodycote 155 xd down 4
Trading update; 'hold' from 'add' - Deutsche Bank; Altium 'sell'
HIT Entertainment 255 down 5
'Neutral' from 'buy' with 275 pence target - UBS
WS Atkins 695 down 10
Panmure Gordon downgrades to 'hold' from 'buy' after H1 results
Stanley Leisure 446-1/2 down 1/2
Seymour Pierce reiterates 'sell'

Other risers
Croma Group 6.00 up 0.50
Narrowing full-year losses; upbeat outlook statement
WH Ireland 108 up 9
Speculative support following recent market activity
Mano UK 13.50 up 1.00
Diamond production joint venture
Ist Dental Laboratories 32 up 2
Benchmark acquisition completed; Corporate Synergy trebles earnings f'casts
Burtonwood 500 up 28-1/2
Awaiting bid developments
Central African Mining & Exploration 7.12 up 0.25
Congo joint venture
ASOS 73-1/2 up 3-1/4
Rally after recent post-interim profit-taking
Sareum Holdings 2.62 up 0.12
Collaboration with EiRx Therapeutics
Inion 161
New issue offered at 130 pence
Glen Group 4.75
New issues placed at 3 pence
Gippsland 4.00 up 0.50
RAB fund buys 20 mln shares

Other fallers
Advance Visual Communications 0.05 down 0.12
Liquidation threat following continuing losses
Marlborough Stirling 30 down 11-1/2
Revenue alert; Panmure 'sell' with target cut to 25p; Bridgewell cautious
Tricorn 9.75 down 0.75
Widening H1 losses
Chapelthorpe 19-1/4 down 1
Swing to interim losses
Hardman Resources 66 down 5
Tiof-3 ST2 appraisal well to be suspended

long more SOF 153.50 s/l on

Paypoint (PAY) added within PEP ahead of results next week.

Afternoon all,

First chance I've had to drop in long enough to post.

Good to see things are generally lot more positive.