Hello traders!

US stocks closed slightly higher tonight as oil prices hit another record high.

The Dow Jones Industrial Average rose 15.76 points to 10,450.63. The Nasdaq Composite rose 5.46 points to 2,134.37 and the S&P500 climbed 2.78 points to 1,212.37.

See you in the morning with the latest.....

G.

Good morning traders!

In Asia today, the Hang Seng ended the morning down 1.08 points at 14,888.02 whilst the Nikkei closed the early session up 31.48 points at 12,436.64,

New York's main oil contract, light sweet crude for delivery in October, was trading at $67.18 a barrel, down 31 cents from its record closing price of $67.49 in the US overnight, as weather reports for the Gulf of Mexico improved.

I expect some nerves today ahead of Alan Greenspan's latest predictions and analysis this afternoon.

WPP, reporting this morning, are expected to show a sharp increase in sales and profits that could benefit the whole sector.

RENTOKIL CUT TO 'NEUTRAL' VS 'OUTPERFORM' AT CSFB

Happy trading!

G.

Planestation has sold Kent International airport for 17m to Infratil - Times

EATON INDUSTRIES MAKES OFFER FOR DOMNICK HUNTER AT 675P/SHARE CASH

Outlook

LONDON (AFX) - Leading shares look set for a flat start today amid position-squaring ahead of the long August Bank Holiday weekend, with the benefits of Wall Street's modest overnight advance offset by ongoing concerns over high energy costs, dealers said.
Spread bettors IG Index expect the FTSE 100 index to start unchanged today, after closing 19.5 points lower yesterday at 5,255.7

MARKETS
FTSE 100 5,255.7, down 19.5
FTSE 250 7,679.1, down 25.4
DJIA 10,450.60, up 15.70
Nasdaq Comp 2,134.37, up 5.46
S&P 500 1,212.35, up 2.75
Tokyo: Nikkei closed at 12,439.48, up 34.32
Hang Seng midday 14,888.02 down 1.08
Gold 439.05 usd (437.20 usd)
Oil - Brent Oct 66.27 usd (66.01 usd)

ECONOMICS
UK Q2 GDP first revision (0830 GMT)
BoE's Bean speech, Wyoming (1615 GMT)

TODAY'S PRESS
* UK's top groups in U-turn on accounts' criticism of IFRS is worrying move for rule-makers - FT
* Gate Gourmet agrees job cuts with union - FT
* Transco fined record 15 mln stg for gas deaths - FT
* RENTOKIL INITIAL management vows to resist break-up pressure - FT
* Billionaire US entrepreneur Wilbur Ross seems keen on forming a strategic partnership with UK COAL, Britain's only sizeable coal producer - FT
* Merck preparing to revamp its courtroom tactics in the belief that its legal defence can win over jurors - FT
* GLAXOSMITHKLINE sued over inflated drug bills - Independent
* High Court throws out SIBIR ENERGY suit over shareholder value - FT
* Pulling out of Pillsbury will cost DIAGEO an extra 64 mln stg - Times

PRESS COMMENT
FT

THE LEX COLUMN comments on CORUS (downside looks limited; Corus remains a prime acquisition target), DVD formats war (a replay of the VHS/Betamax video wars looks ever more likely), Hutchison 3G (its price expectations still defy gravity), Fortis (shareholders may prefer a profitable Benelux group, which returns all its excess capital, to a hotch-potch of banks and insurers worldwide)
Mail
LLOYDS TSB (Wells Fargo bid speculation) - ALKANE ENERGY (a profit is forecast for 2006)
Independent
THE INVESTMENT COLUMN: INVENSYS (no room for error), SLOUGH ESTATES (buy), REXAM (hold)
Times
RUMOUR OF THE DAY: PURSUIT DYNAMICS (word that it is talking to KIDDE as a potential licensee of its PDX FireMist fire-suppression system) - DIRECTORS' DEALINGS: INCHCAPE (finance director sells stock for 704,256 stg) - TEMPUS: CORUS (avoid), TOMKINS (buy for the yield, but do not expect fireworks in the near term), OTTAKAR'S
Telegraph
QUESTOR: REXAM (for a defensive play, it's one worth sticking with), TOMKINS (buy), DAVIS SERVICE (hold)
Express
ISOFT (speculation it is about to announce a big contract win in Australia) - WHO'S DEALING: ABBEYCREST (chairman buys 10,000 shares at 27 pence each)
Guardian
EGDON RESOURCES (Seymour Pierce analyst believes the natural-gas storage facility Egdon is building on the Isle of Portland, Dorset, could one day be worth substantially more than the group's current market value)
Investors Chronicle
GARP (Growth at A Reasonable Price) SCREEN CANDIDATES: NUMIS, MEARS, MTL, CARRS MILLING, STREAM; JIM SLATER'S SHORTLIST FOR GARP-LIKE STOCKS: DICOM, AVEVA, VP, CRESTON, MARCHPOLE - TIPS - LARGE COMPANIES: LONDON CLUBS INTERNATIONAL (buy), FIRST TECHNOLOGY (sell), BRAEMAR SEASCOPE (sell), GOOCH & HOUSEGO (buy); TIPS - SMALLER COMPANIES: HOMEBUY (buy), SOUTH CHINA RESOURCES (buy), SHIRE PHARMACEUTICALS (sell), INTEC TELECOM SYSTEMS (buy), o2 (fairly priced), ULTIMATE LEISURE (good value), VICTORIA OIL & GAS (fairly priced)

Good morning all.

This is a little off subject so apologies.

Does anybody have any experience of running share trading as a business and hence income tax'able rather than purely the capital gains route?

Has anybody had the situation clarrifeid from an IR perspective? ie what criteria was used etc.

Many thanks for any help.

End of day market wrap

Have a great weekend everyone! See you Tuesday!

G.

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