Hello traders!

Heading towards the close in the US tonight, the Dow Jones Industrial Average was up just a point at 10,680. The Nasdaq Composite rose 6 points to 2,181, but the S&P500 eased 0.90 point to 1,240.63, currently flirting with a four-year high.

Natural-gas futures dropped 4% and crude prices fell under $64 a barrel as energy facilities in the Gulf of Mexico continued the process of recovery from Hurricane Katrina and as Hurricane Ophelia proved to be no threat to the region's output.

Crude for October delivery was last down 83 cents at $63.25 a barrel in New York trading.

See you in the morning with updates....

G.

Good morning traders!

Final numbers from the US last night saw the Dow Jones up 4.38 points at 10,682.94. The Nasdaq Composite rose 7.32 points to 2,182.83, while the S&P500 dipped 0.92 points to 1,240.56.

Asian bourses generally continued gains despite declining oil prices affecting some shares. The Nikkei recovered from an early post-election slip to move back into the plus column by the midway break, finishing the morning session up 33.94 points at 12,930.37. The Hang Seng was down 0.25% at 15,162,35.

In after-hours trading, crude was trading 14 cents lower at $63.20 a barrel after rising above the $63.33 close in New York.

Some early broker notes :-

GROUP 4 SECURICOR CUT TO 'HOLD' VS 'BUY' AT DEUTSCHE BANK

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

WH Smith initiated 'underweight' at Morgan Stanley; price target 350p

Hiscox upgraded to 'add' vs 'hold' at ABN Amro post H1

Happy trading!

G.

Outlook

LONDON (AFX) - Leading UK shares are expected to open marginally in negative territory following a dull session across US markets overnight and as investors pause after yesterday's rally, dealers said.
According to IG Index, the FTSE 100 should start around 9 points lower. The UK blue chips index closed 15.8 points firmer at 5,375.1 yesterday.

MARKETS
FTSE 100 5,375.1, up 15.8
FTSE 250 7,901.4, up 50.3
DJIA 10,682.90, up 4.30
Nasdaq Comp 2,182.83, up 7.32
S&P 500 1,240.55, down 0.95
Tokyo: Nikkei closed at 12,901.95, up 5.52
Hang Seng midday 15,149.38 down 50.41
Gold 449.55 usd (449.55 usd)
Oil - Brent Oct 61.80 usd (62.84 usd)

TODAY'S PRESS
* Dealing costs must be cut, says Brussels; McCreevy ultimatum on cross-border settlement - FT
* Opec steps up its search for new oil as governments apply pressure over prices - FT
* WILLIAM MORRISON SUPERMARKETS chairman Sir Ken Morrison dismisses suggestions that Bob Stott could step down as chief executive - FT
* Fund manager GARTMORE limbers up for 1 bln stg float - Independent

PRESS COMMENT
FT
THE LEX COLUMN comments on oil prices (chancellor might be tempted to match any concessions to consumers with windfall taxes on North Sea oil production), Oracle/Siebel (Oracle's core strategy remains sound), Emerging market debt (even though Brazil is mired in its worst political scandal for more than a decade, nothing can deter emerging market debt investors), European banks (feeling pretty optimistic) - REGUS (offers value) - GROUP 4 SECURICOR (analysts will be looking for new sources of growth) - FORTH PORTS (looks to be room for further uplift) - AERO INVENTORY (rating looks less than generous) - BOC (BASF said to be close to unveiling an offer worth 13 stg a share)
Guardian
UMBRO (talk that a rumoured bidder has disposed of its holding) - SCOTTISH POWER (suggestions that E.ON might pay as much as 650 pence a share)
Independent
THE INVESTMENT COLUMN: REGUS (touch too risky right now), F&C ASSET MANAGEMENT (prefer SCHRODERS), WHATMAN (will remain a hold until the potentially exciting growth prospects for its DNA purification business can be quantified)
Times
DIRECTORS' DEALINGS: CONCURRENT TECHNOLOGIES (director buys stock for 42,900 stg) - RUMOUR OF THE DAY: CAFFE NERO (word that Wednesday's full-year figures are likely to trigger upgrades to forecasts) - TEMPUS: GROUP 4 SECURICOR (hold), F&C ASSET MANAGEMENT (hold), HISCOX (buy)
Telegraph
QUESTOR: NORTHGATE (take profits), GROUP 4 SECURICOR (stay away for the time being), REGUS (still looks expensive but could be worth a look for the brave investor)
Express
CARNIVAL (falling oil prices and talk of bumper passenger bookings) - SHARE WHISPER: EBT MOBILOE CHINA (takeover speculation; dealers believe it will provide a cheap route into the Chinese market for CARPHONE WAREHOUSE) - WHO'S DEALING: SURFCONTROL (directors buy stock)

Morning

IGE seeing abroad ;-)

LTR look interesting

JKX drilling report

SVN AGM statement - interesting opinion on equity release.

CMR producing gold

DTZ AGM statement - cautious after a good year.

CLF in Mali

SEY nothing in Gabon well

OFF contract
OFF directors sell - no reason why though

RPT / Greece - do you believe them? ;-))

ADA could be a good mover

That's all I've time for. Have a good one.

Thanks to Digger and Big Al for all the great info... Much appreciated :-)

Midday Market Wrap

Only too happy to help with a few tiddlers, G. ;-)

ADA seemed to have it in the price? Shame

End of day market wrap