BP has made a major gas discovery off the southeast coast of Trinidad, Energy Minister Eric Williams announced.

The find was struck on December 13th in a well in the waters of the Atlantic Ocean off the coast of the Caribbean island, the minister told reporters, without disclosing its size.

MARKETS

FTSE 100 4,735.2, up 7.0

FTSE 250 6,793.6, up 35.7

DJIA 10,705.60, up 14.20

Nasdaq Comp 2,146.15, down 16.40

S&P 500 1,203.20, down 2.50

Tokyo: Nikkei closed at 11,078.32, up 153.95

Hang Seng midday 13,997.05, down 27.58

Gold 438.72 usd (440.92 usd)

Oil - Brent Jan 41.45 usd (41.75 usd)



BREAKING NEWS

* Terror ruling poses challenge for government; Law Lords' decision on detention of suspects is first problem for new home secretary - FT

* Baugur today set to make a 326 mln stg formal bid for THE BIG FOOD GROUP - Times

* Three ready to sue as Ofcom plans to relax 3G targets - Times

* Turkey promises EU an end to Cyprus dispute - FT

* CORUS signs 3.5 bln stg deal to lock in steel supplies - FT

* Retail sales bounce back in run-up to Christmas; Britons spent 0.6 pct more on the high street in November than in October, pushing the underlying annual rate of increase to 6.4 pct - Office for National Statistics

* KIDDE agrees to 1.44 bln stg UTC bid

* TRAVIS PERKINS beats rivals to clinch Wickes

* WHITEHEAD MANN shares tumble as takeover talks fail

* JOHN DAVID buys RD Scott for 4 mln stg



PRESS COMMENT

FT

THE LEX COLUMN comments on Russia (at current valuation levels, well-diversified bargain hunters should keep a close eye on Russian stocks), KIDDE (offer looks good), Johnson & Johnson/Guidant, Asian markets - PACE MICRO (seems litle impetus for uplift until the company's record becomes more consistent and the US problem is resolved) - PETREL RESOURCES (fears it has lost out on two contracts in Iraq)

Guardian

GUS (talk of break-up bid) - WILLIAM MORRISONS SUPERMARKETS (suggestions it will struggle to achieve its full-year profits forecasts) - TRAFFICMASTER (talk of a profits warning this morning)

Independent

THE INVESTMENT COLUMN: ALLIANCE UNICHEM (still a buy for the long term), REGENT INNS (buy) - GUS (talk of record 11 bln stg buyout bid)

Express

WHO'S DEALING: JAMES LATHAM (chairman lifts stake to 2.4 pct) - SHARE WHISPER: ASCRIBE (dealers expect a healthy debut on AIM today) - BROKER'S VIEW: BIZSPACE (Teather & Greenwood positive)

Times

RUMOUR OF THE DAY: SIMON GROUP (talk it may following Mersey Docks in attracting a private equity bid approach) - DIRECTORS' DEALINGS: INDIGOVISION (three directors buy stock for 140,000 stg) - TEMPUS: ALLIANCE UNICHEM (buy), CARNIVAL (hold), REGUS (avoid)

Mail

PETREL RESOURCES (Iraq oil contract fears spread) - AEGIS (licensing and distribution agreement with DuPont)

Investors Chronicle

Peter Temple selects five stocks that appear to have that elusive ROE (return on equity) star quality: DETICA (buy), ANDREWS SYKES (buy), BLOOMSBURY PUBLISHING (buy), MCCARTHY & STONE (buy), MEARS GROUP (buy) - TIPS: NORTHERN ROCK (buy); TIPS - LARGE COMPANIES: BALFOUR BEATTY (buy), GREENE KING (sell); TIPS - SMALLER COMPANIES: FIRST QUANTUM MINERALS (buy), P&MM (buy), TORDAY & CARLISLE (buy); TIPS - UPDATES: HHG (fairly priced), TARSUS (buy), PREMIER FOODS (buy), LAWRENCE (buy), DELTRON ELECTRONICS (buy)

nothing on PET - could this have been a bear scam?

Morning all.

Cairn Energy clobbered by 20%! Phew!

covered TSCO +4.5

covered SOF +1 +1.25

covered TATE +4.5

long BUR 423 s/l on

long more BUR 425.75 s/l on

covered final SOF +6

Morning all,

What happened to BDEV yesterday. Logged in last night to find - well you can see for yourself with this 2 day chart!




Something going on?????

covered BUR +2.25 +5

long BOC 946.25 s/l on

long more BOC 946.50 s/l on

lw - same happened to several of the builders. Times reckon it was hedge funds closing shorts prior to holiday period and their year end.

covered half BOC +4.5

covered final half BOC +5.25

Thanks Hotei - how are you by the way?

LW saw an article on text this AM: Macarthy & Stone (excuse spelling if incorrect) saying that deposits on new developments had fallen. Maybe builders in general are feeling a slight contraction in business.