MARKETS
Tokyo: Nikkei close 10,734.71, down 36.71
Hang Seng midday 13,006.30, down 48.36

BREAKING NEWS - MONDAY
* AVIVA has begun a pan-European search to find a new chairman - Telegraph
* BT GROUP to cut call costs with wi-fi - FT
* HILTON GROUP looking at entering casino market once again with 200 mln stg
Las Vegas-style casino in Blackpool - Telegraph
* RANK GROUP preparing to demerge Deluxe unit in 600 mln listing - Times
* LASTMINUTE.COM in INTERCONTINENTAL HOTELS room deal - FT
* BURBERRY has moved online in order to boost its push into America - Mail
* Jenkins family backs Numis rescue plan for OFEX - FT
* Arsenal set to score with full listing - Times
* Harmony tells JP Morgan to drop Gold Fields mandate - FT
* For sale sign on iconic shoe brand Jimmy Choo - FT
* Condom firm Sexual Health Group opts for Ofex float - Guardian
* British public deeply divided over casinos - Telegraph
* CBI calls for restraint on tax - Guardian
* UK consumers could face recycling levy on electronic equipment - Times
* Bus regulation to be limited, says transport secretary Alastair Darling - FT
* IT 'skills crisis' prompts competition fear: E-skills UK report - FT

MONDAY PRESS COMMENT
FT
Lex Column: US Election (The best result for investors will be a clean win for
either candidate...real issue for investors is whether the US economy slows
significantly next year, and how fast corporate profits grow); Chinese
Revaluation (As long as China keeps dangling the prospect of future
revaluation, it can buy more time for itself to deal with its domestic woes);
Equity analysis (Number-crunchers wanting to keep their jobs had better be
skilled at reading their own industry trend)

Independent
Small Talk: FINANCIAL DEVELOPMEMT CORP. (Although FDC still has an option to
buy Griffin, that purchase has now collapsed. Instead, FDC is a rich cash
shell looking for a reverse takeover); EDEN RESEARCH (Controversy stoked by
Reed Smith means that plans for the move up from Ofex has been delayed
indefinitely); SURGICAL INNOVATIONS (SI shares could be worth watching);
MONDAS (could become interesting to speculators); Ofex (Signs of life in Ofex,
which might justify the audacious new bid for the third-tier stock market)

Times
Smaller Stock to Watch: EUROTUNNEL (A partial debt-for-equity deal looks
increasingly likely)

SMITH & NEPHEW STARTED AS 'OVERWEIGHT' BY MORGAN STANLEY

DFS Furniture suspended pending an announcement...

Morning all.

Morning punters

FPL - struck oil in Algeria, nice chart
http://www.uk-wire.com/cgi-bin/articles/20041101070000P257C.html

MXC - trading statement
http://www.uk-wire.com/cgi-bin/articles/20041101070000PEDCD.html

DVS/IGL - license agreement - looks interesting
http://www.uk-wire.com/cgi-bin/articles/20041101070000P37B0.html

SPD - marketing Rangers' clothing
http://www.uk-wire.com/cgi-bin/articles/20041101070000P748E.html

OFX - rejects offer
http://www.uk-wire.com/cgi-bin/articles/20041101070000P7986.html

CHG - war pays, I guess
http://www.uk-wire.com/cgi-bin/articles/20041101070000PE588.html

FLK/COL - disposal of non-core business
http://www.uk-wire.com/cgi-bin/articles/20041101070000W2207.html

COB - acquisition
http://www.uk-wire.com/cgi-bin/articles/200411010700026545E.html

HWY - acquisition
http://www.uk-wire.com/cgi-bin/articles/200411010700066678E.html

CCS - acquisition
http://www.uk-wire.com/cgi-bin/articles/200411010700066662E.html

JHD - return of capital - might be one for the divi folk to keep an eye on
http://www.uk-wire.com/cgi-bin/articles/200411010700066656E.html

CLV - more yatching! ;-)
http://www.uk-wire.com/cgi-bin/articles/200411010700076689E.html

ITL - invests in Danish company
http://www.uk-wire.com/cgi-bin/articles/200411010700086705E.html

DET - acquisition
http://www.uk-wire.com/cgi-bin/articles/200411010700086691E.html

LOOK - VW in NE (acqisition)
http://www.uk-wire.com/cgi-bin/articles/200411010700096720E.html

RPC - acquisition
http://www.uk-wire.com/cgi-bin/articles/200411010700096719E.html

MRW - flogging Safeway store and closing another
http://www.uk-wire.com/cgi-bin/articles/200411010700096721E.html

IDOX - in line for the FY
http://www.uk-wire.com/cgi-bin/articles/200411010700096708E.html

HRR - still suspended, but trading slower than expected. Good job we can't hit 'em then! ;-)
http://www.uk-wire.com/cgi-bin/articles/200411010700116730E.html

MSQ - disposal
http://www.uk-wire.com/cgi-bin/articles/200411010700126735E.html

CAE - acquisition
http://www.uk-wire.com/cgi-bin/articles/200411010700136742E.html

SGP - trading statement full of names from years gone by
http://www.uk-wire.com/cgi-bin/articles/200411010700136741E.html

DTK - new contract. Last announcement gave a initial fillip before tailing off.
http://www.uk-wire.com/cgi-bin/articles/200411010700186760E.html

IEC - exercised Siberian option
http://www.uk-wire.com/cgi-bin/articles/200411010700196764E.html

Have a good week; it should be an interesting one. Going in with no fixed ideas! ;-)

LONDON (AFX) - Shares in Hays were the top blue chip faller, down more than 9 pct, in early deals as the personnel group demerged its mail business, DX Services, dealers said.
According to Citigroup Smith Barney, in the year to June, DX earned EBIT of 32.7 mln stg, on sales of 132 mln.
The broker argued this implies a valuation for DX Services of around 200 mln stg or 11.5 pence per Hays shares.
In a note to clients, the US broker said shareholders will receive 1 share in DX Services for every 20 Hays shares.
On flotation, DX should have about 85.6 mln shares in issue, which implies a DX Services share price of around 230p per share.
The broker also reiterated its 'buy' advice on Hays.
Meanwhile, Deutsche Bank said it expects Hays' share price to fall in line with the demerged price of DX, as it retained 'sell' advice.
At 8.41 am, shares in Hays were down 11-3/4 at 117, while DX was trading at 265-1/2.

Morning All, Looks like quite a week in store on the markets.

London shares - midmorning features

FTSE 100 risers
J Sainsbury 265-3/4 up 8
Bid speculation intensifies in weekend press
Smith & Nephew 472-1/2 up 10
Brokers positive ahead of Q3 results Nov 4
Antofagsta 1017 up 9
Rebound after sector falls last week; metal prices firm
BHP Billiton 564 up 10-1/2
Rebound after sector falls last week; metal prices firm
Anglo American 1215 up 21
Rebound after sector falls last week; metal prices firm
BP 535-1/2 up 8
Oil price rises
Xstrata 857 up 12
Rebound after sector falls last week; metal prices firm
Reckitt Benckiser 1,513 down 19
Good results from US peer P&G last week
Rio Tinto 1,442 up 18
Merrill says 'buy on dip'
Cable & Wireless
Ahead of results next week; KPN figures beat expectations
mmo2 106-1/2 up 1-1/4
KPN figures beat expectations

FTSE 100 fallers
Hays 118-1/4 down 10-1/2
Demerges mail ops
Abbey National 629 down 3
Poor mortgage figures last week; ahead of MPC meeting
Northern Rocks 741 down 1/2
Poor mortgage figures last week; ahead of MPC meeting
BAA 573 down 1/2
Ahead of interims tomorrow


FTSE 250 risers
Grainger Trust 1,620 up 28
Rebound after falls last week; Ahead of results
Lastminute.Com 113-1/4 up 1-3/4
In deal with InterContinental Hotels
Carphone Warehouse 168-3/4 up 2-1/4
Ahead of results Wednesday
Wood Group 145-1/4 up 1-3/4
Oil price rises

FTSE 250 fallers
Marconi 518-1/2 down 11-1/2
COO to resign with over 4 mln stg in compensation
Kidde 166-1/4 down 1-3/4
Awaits bid developments
Wilson Bowden 957 down 21
Housing market concerns
Westbury 374-1/2 down 4-1/2
Housing market concerns

Other risers
Charteris 29 up 3
Buys Cedalion for 3 mln stg
Johnston Group 432-1/2 up 32-1/2
Ennstone offer unconditional
Finsbury Food 42-1/2 up 3
"one to keep in the larder" - Questor
SP Holdings 16-1/2 up 1
Rangers contract win
Clipper Ventures 20 up 1
Buys WPP unit Global Sportnet
Aquarius Platinum 257 up 12-1/2
Rebound

Other fallers
Laura Ashley 13-1/4 down 0-1/4
Negative press comment
Tower 8.0 down 1.0
Profit taking after stake building last week
ZariResources 2.37 down 0.13
Profit taking

London shares - midafternoon features

FTSE 100 risers
J Sainsbury 265 up 7-1/4
Bid speculation intensifies in weekend press
BHP Billiton 567-1/2 up 14
Rebound after sector falls last week; metal prices firm
Anglo American 1220 up 26
Rebound after sector falls last week; metal prices firm
Smith & Nephew 470 up 7-1/2
Brokers positive ahead of Q3 results Nov 4
Antofagsta 1027 up 19
Rebound after sector falls last week; metal prices firm
BP 537-1/2 up 10
Oil price rises
BAE Systems 242 up 3-3/4
Set to win 900 mln eur Dutch armoured vehicle order
Xstrata 858 up 13
Rebound after sector falls last week; metal prices firm
Rio Tinto 1,436 up 20
Merrill says 'buy on dip'

FTSE 100 fallers
Hays 119-1/4 down 9-1/2
Demerges mail unit DX; says specialist recruitment unit trading in line
Abbey National 627 down 5
Poor mortgage figures last week; ahead of MPC meeting
British Airways 212-1/2 down 2-1/4
Oil price rising again

FTSE 250 risers
ICAP 242-1/4 up 8-1/4
Says electronic broking volumes reached record levels in Q3
ARM Holdings 99-1/2 up 2-1/2
Upbeat SIA data points to strong cellphone sales
Grainger Trust 1,620 up 28
Rebound after falls last week; Ahead of results
Balfour Beatty 276-1/4 up 5
Housebuilders recover amid rate freeze hopes
Redrow 336-1/4 up 7
Housebuilders recover amid rate freeze hopes
Wood Group 145-3/4 up 2-1/4
Oil price rises

FTSE 250 fallers
Marconi 517 down 13
COO to resign with over 4 mln stg in compensation
JD Wetherspoon 227-1/2 down 5-3/4
Downbeat first quarter trading statement, Dresdner Kleinwort cut ests.
Luminar 445-1/4 down 9-3/4
Cautious trading statement from JD Wetherspoon
Kidde 166-1/4 down 1-3/4
Awaits bid developments
Wilson Bowden 959 down 19
Housing market concerns

Other risers
Ofex Holdings 7 up 1-1/4
Shareholders approve EGM resolutions relevant to share placing
Charteris 29 up 3
Buys Cedalion for 3 mln stg
Cheerful Scout 0.75 up 0.10
Upbeat first quarter trading statement
Johnston Group 432-1/2 up 32-1/2
Ennstone offer unconditional
Finsbury Food 43-1/2 up 4
"one to keep in the larder" - Questor
SP Holdings 16 up 0-1/2
Rangers contract win
Clipper Ventures 19-3/4 up 0-3/4
Buys WPP unit Global Sportnet

Other fallers
Razorback 16-1/2 don 3
Posts pretax loss, requires additional funding
Laura Ashley 13-1/4 down 0-1/4
Negative press comment
ZariResources 2.25 down 0.25
Profit taking
Tower 8.25 down 0.75
Profit taking after stake building last week
Ennstone 35 down 0-1/2
Offer for Johnston unconditional

Have closed all my MNA for +3, +8, +148, +161.

I think that's known as a result! ;-)) It must be about 3 months since I haven't held any at all.

Closed GWP +16 earlier in the day.

Sounds like a good day Big Al! :)

Taking a few profits ahead of US, G, and looking closely at some longer term charts on MNA.

A 'few' profits.... ;)

Sounds like you did rather well!

Had the big gains a couple of months. It's done me very well. ;-)