JAPAN'S NIKKEI 225 STOCK INDEX CLOSES UP 103.07 POINTS AT 11,668.95

MAN GROUP PLANS CLOSE PERIOD SHARE REPURCHASE

DANA PETROLEUM DISCOVERS OIL AT MELVILLE PROSPECT IN UK NORTH SEA

MARKETS
FTSE 100 4,900.7, down 18.3
FTSE 250 7,083.6, down 36.6
DJIA 10,540.90, up 135.20
Nasdaq Comp 2,005.67, up 31.79
S&P 50 1,181.40, up 16.05
Tokyo: Nikkei 11,668.95, up 103.07
Hang Seng midday 13,526.95, up 101.20
Gold 426.75 usd (426.55 usd)
Oil - Brent May 52.09 usd (53.03 usd)

BREAKING NEWS
* Tories plan EU renegotiation; new package to include British withdrawal from fisheries policy and cutting red tape; Redwood refuses to rule out a pull-out - FT
* EUROTUNNEL suffers a setback in its steps to restructure its 6.2 bln stg debt as key creditors rebuff the company's claims about their readiness to approve the start of restructuring talks - FT
* This month has proved another gloomy one for the high street, according to a CBI survey that shows a sales plunge for the majority of retailers - FT

PRESS COMMENT
FT
THE LEX COLUMN comments on MAN GROUP, EUROTUNNEL (debt holders will probably end up owning a big hole in the ground; shareholders can look forward to a big hole in their pockets), Hewlett-Packard, Siemens - ADVFN )look interesting) - TAKING STOCK: Small precious metal miners make progress (JUBILEE PLATINUM, TRIPLE PLATE JUNCTION, VANE MINERALS, REEFTON MINING, MINMET
Guardian
SCS UPHOLSTERY (rumours that trading has deteriorated since the sofa retailer last updated the market)
Times
RUMOUR OF THE DAY: FIRST AFRICA OIL (word it is in talks with two state-owned oil majors on the funding of upstream assets in Gabon, Chad and Congo Brazzaville) - TEMPUS: BOOTS (worth holding on to, at least in the short term), GRAINGER TRUST (buy), BLOOMSBURY (buy)
Mail
MONEYBOX (CARDPOINT said to be lining up a 92 mln stg cash bid) - UNILEVER (vague break-up takeover talk) - NEXT 15 COMMUNICATIONS (dealers believe there is plenty of upside)
Telegraph
QUESTOR: EMAP (long term hold), BLOOMSBURY (hold on), ENTERPRISE (fully valued for now) - QXL RICARDO (band of four Israeli investors no hold 6.1 pct)
Independent
THE INVESTMENT COLUMN: PENNON (rating too high for new investors, but those in for the long term should hold and harvest the dividend), CORNWELL MANAGEMENT CONSULTANTS (added to Independent's portfolio of share tips for 2005; cheap), ROBERT WISEMAN DAIRIES (too risky) - CARPATHIAN RESOURCES (expected to list today)
Express
NORTHERN ROCK (debt worries) - SHARE WHISPER: FELIX GROUP (dealers reckon it has several contracts in the pipeline, including one with fast-food chain McDonald's) - WHO'S DEALING: OYSTERTEC (chairman and finance director buy stock)

Compass Group PLC, the world's biggest caterer, issued its second profit warning in the space of six months after margins on its military catering operations in the Middle East fell.
"Over the last few weeks, we have seen a shift in the volume and mix of our Middle East business as some of our military contracts have been replaced by peacekeeping activity, which is at a lower margin," Compass said in a statement.
"Our current expectation is that profit in the first six months will be approximately 4 mln stg lower than anticipated and approximately 15 mln lower in the full year 2005," it added.
The company went on to reveal that as a result of "rationalising" some of its UK back office functions and investing more into its operational and front line management teams, it will also take a 9 mln stg one-off charge.
House broker ABN Amro is understood to have cut its full-year underlying profit forecast by around 24 mln stg to 620 mln in response to the warning.
Compass, whose clients include London Zoo, the French state railway and organisers of the US Open golf championship, last year saw its profit fall 2.4 pct after it ran up losses on a number of key business contracts.
Like-for-like sales are expected to grow by at least 6 pct in the current year, aided by a continuing strong performance in North America, new business wins and a continued high level of contract retention, the company said.
It added that sales in its home UK market were expected to be in line with expectations, but went on to say the picture in its Continental Europe and Rest of the World Division remained mixed.
"Asia, Australasia, Latin America and Spain continue to perform well, while Northern Europe and in particular France, Germany and the Netherlands remain very challenging," it said.
Compass shares closed Wednesday at 254.25 pence, valuing the business at around 5.5 bln stg.
The stock has lost about 30 pct of its value over the past year, underperforming support services peers by around 33 pct.

Good morning all.

Good Morning all,

It really say's it all when an Insurance company sends you a letter with no contact telephone number on it!!!!!

Good afternoon all, Compass turning tail above, i suppose it is dificult to keep so many balls in the air at once. They have a hand in everything, from school meals to China, so its not suprising that one will fall.