WOLVERHAMPTON & DUDLEY IN AGREED 13.65 MLN STG BID FOR ENGLISH COUNTRY INNS

PUNCH TAVERNS SELLS 45 PUBS TO ADMIRAL TAVERNS FOR 14.8 MLN STG

AFX UK at a glance share guide

LONDON (AFX) - Leading shares are expected to open lower again today, with continued high oil prices and a lack of substantial corporate earnings news providing investors with an excuse to take profits after recent gains, dealers said.
According to spread-betting firm IG Index, the FTSE 100 is seen opening around 8 points lower at 5,293, after closing at 5,300.2 yesterday.

MARKETS
FTSE 100 5,300.2 down 18.2
FTSE 250 7,707.4 up 15.7
DJIA 10,519.60 down 50.30
Nasdaq Comp 2,137.25 down 4.16
S&P 500 1,217.60 down 4.15
Tokyo: Nikkei midday 12,441.31 down 31.62
Hang Seng midday 14,917.22 down 56.67
Gold 439.15 usd 438.60 usd)
Oil - Brent Oct 64.65 usd (64.50 usd)



ECONOMICS
UK CBI monthly industrial trends survey (1000 GMT)
UK CBI's quarterly economic forecast (1000 GMT)

TODAY'S PRESS
* Web giant takes on telecoms rivals; Google Talk to offer internet telephony and messaging service; attempt to create open platform vying with closed networks - FT
* Gate Gourmet and BRITISH AIRWAYS agree on supply contract - FT
* Plan for 700 mln stg IPO at 888.com; internet casino aims for offering in London next week; annual profits estimated at 100 mln stg; concerns over US regulatory action - FT
* PRUDENTIAL considers options for 500 mln stg shopping centres - Times
* PEARSON leads race for 80 mln stg ITV educational publishing arm - Times

PRESS COMMENT
FT
THE LEX COLUMN comments on Google (into the portals arms race), Spin-offs (given its CGT rate of 25 pct and corporate restructuring potential, it may pay to keep an eye on divestments in Germany), INMARSAT (the bonds, yielding almost 8 pct, might be a better bet), Lindt & Spruengli (firmer guidance on raising the dividend is in order: Lindt yields less than 1 pct - miserly by even Switzerland's frugal standards - JAMES FISHER (p/e of about 14 still offers scope for further improvement in the share price) - INTEC TELECOM SERVICES (still at a discount to peers) - Specialist engineers thrive in their niche (RENISHAW, ROTORK, SPIRAX-SARCO, DOMNICK HUNTER - p.19)
Times
RUMOUR OF THE DAY: INVENTIVE LEISURE (could become a target for ULTIMATE LEISURE) - DIRECTORS' DEALINGS: UNITED CLEARING (chief executive and managing director sell stock for 2.36 mln stg) - TEMPUS: BPB (best returns may come to those who take profits now and buy back in once the French raiders have been seen off; long-term holders will not go far wrong, however), BODYCOTE (worth holding), INMARSAT (buy)
Mail
HITCHENS HARRISON (should please with excellent interim results today)
Express
SHARE WHISPER: PEACOCK GROUP (vague talk that another venture capital bidder might emerge) - WHO'S DEALING: PEARSON (incoming chairman buys 50,000 American depositary receipts)
Guardian
UNITE GROUP (City speculators believe a potential predator has been running a slide rule over the company)
Telegraph
QUESTOR: INMARSAT (risky but worth holding on to), BODYCOTE (worth buying into any dips), MONSTERMOB (worth a punt for the brave speculator)
Independent
THE INVESTMENT COLUMN: PERSIMMON (buy), INTEC TELECOM SYSTEMS (buy), BODYCOTE INTERNATIONAL (hold)

Good Morning all.

Midday Market Wrap

LONDON (AFX) - Shares in Centrica PLC remained higher in midafternoon trade, but are below their session peaks as brokers downplayed bid rumours, dealers said.
By 2.20 pm, Centrica shares were up 11 pence at 254-1/2 after jumping 19-1/2 pence to 263 in late morning trade amid talk of a possible bid from either Gaz de France, Royal Dutch Shell or Norsk Hydro.
Dresdner Kleinwort Wasserstein repeated its 'sell' advice and 205 pence target on Centrica however, advising clients that although a 300 pence per share bid is not impossible, it sees a 20 pct downside if a bid fails to materialise.
The German broker cautioned that it expects further customer losses over the next 12 months, relating to a residential price increase of around 15 pct in the next few months and also highlighted concerns over the rollout of the group's new billing system.

Afternoon all

End of day market wrap