MARKETS
FTSE 100 4,760.8 down 44.5
FTSE 250 6,599.6 down 4.7
DJIA 10,456.91 down 115.64
Nasdaq Coq 2,070.63 down 33.65
S&P 500 1,171.35 down 12.2
Gold 447.12 usd (442.42 usd)
Oil - Brent Jan 44.89 usd (42.80 usd)

BREAKING NEWS - WEEKEND
* Water giant SEVERN TRENT today accused of a five-year accounting fraud that fleeced its 3 mln customers and deceived the industry watchdog to cover up a 75 mln stg discrepancy in its accounts - Mail on Sunday

Robert Walker, chief executive of SEVERN TRENT, on the verge of signing up to become chairman of WH SMITH - Sunday Telegraph

* GOLD FIELDS to bid for 2 bln usd Norilsk stake; South African gold miner makes last-ditch atteqt to see off HARMONY - Sunday Telegraph

* GOLD FIELDS planning to sell its international assets and hand back the cash to shareholders as part of its defence against a hostile bid from rival South African outfit HARMONY - Saturday FT

* J SAINSBURY's boss Justin King reveals he will give Nectar, the UK's biggest loyalty scheme, one more year to prove its worth - Sunday Express

*TESCO asking publishers to submit their magazines for approval before they go on sale; the arrangement prompts accusations of censorship - Observer

* British government intervenes to prevent the creation of a European 'super-major' defence contractor through the merger of Franco-German Eads with French group Thales - Observer

* BAE SYSTEMS considering a 2.5 bln stg sale of its 20 pct stake in European aircraft maker Airbus to free up funds for investment in the US - Observer

* Tony Blair is earning about 60,000 stg a year renting his controversial 'Cheriegate' flats to a defence firm (Thales) involved in government contracts worth more than 5 bln stg - Mail on Sunday

* Mobile-phone companies facing a 75-80 pct collapse in their voice revenues by 2010, according to a new analysis of the impact of internet technology - Sunday Times

* World's financial markets facing renewed turmoil this week after Gerhard Schroeder, the German chancellor, urges central banks to intervene to prop up the dollar - The Business

* Alan Greenspan, chairman of the US Federal Reserve, issues a strong warning about the "increasingly less tenable" US current account deficit, triggering fresh falls in the dollar - Saturday FT

* MANCHESTER UNITED may offer Malcolm Glazer, the US tycoon, a seat on the board if he agrees to shelve plans to bid for the club for a year - Observer

* Leading fund managers threatening to shun future fund-raisings led by EVOLUTION GROUP; the move follows profit warnings from two Evolution-backed companies, MEDICAL SOLUTIONS and PLANT HEALTH CARE, just months after they raised a combined 9 mln stg; the value of both has collapsed - Sunday Times

* ITV considering submitting a formal complaint to media regulator Ofcom about the charges imposed by BSKYB for carrying and encrypting its ITV1 and ITV2 channels - The Business

* Stephen Marks, founder and chairman of FRENCH CONNECTION, revisiting the prospect of selling his stake in the company after shocking investors last week with a profit warning and news of an 18 pct plunge in sales in the past three months - The Business

* Mobile phone operators could face multi-million pound lawsuits from low-cost telecoms providers following a shock ruling from the Competition Appeal Tribunal - Mail on Sunday

* Commerzbank holds an internal investigation into shareholdings taken by its Special Situations trading desk after the bank becomes concerned about a close relationship with stockbroker EVOLUTION - Mail on Sunday

* Yes Car loan company founders Len Newby and Joe Prince will start legal action this week that could leave credit group PROVIDENT FINANCIAL with a 38 mln stg bill; Newby and Prince are suing Provident for unfair dismissal - Mail on Sunday

* ROYAL DUTCH/SHELL's plan to sell 6.5 bln stg of assets to fund its recovery is stumbling in the face of opposition from local managers, according to a consultant working with the company - The Business

* Italian oil giant Eni tipped as only western Yukos bid - The Business

* China's tobacco monopoly says new joint ventures with foreign manufacturers will not be approved "in the near term", throwing further doubt on BRITISH AMERICAN TOBACCO's ability to press ahead with its ambitious plans in the world's biggest cigarette market - Saturday FT

* Andre Agassi, the tennis player, scores a legal victory for international sports stars and entertainers that lawyers say could cost the Inland Revenue up to 500 mln stg; Court of Appeal rules that Agassi, 34, who is based in Las Vegas, should not have to pay tax to UK authorities on earnings from product endorsements while he was in Britain for short periods - Saturday FT

* Union declares war to save Jaguar plant; boss of Britain's biggest union declares all-out war on US car giant Ford, pledging a campaign of industrial action designed to bring the firm's entire European car production operation to a standstill - Sunday Express

* MG Rover set to be rescued with the help of more than 1 bln stg of Chinese cash; but the agreement with the Shanghai Automotive Industry Corporation, which is due to be signed early next year, will mean that control of the motor manufacturer will pass out of British hands - Saturday Independent

* MG Rover pledges to keep production at Longbridge despite the negotiation of a manufacturing agreement with a Chinese car group - Sunday Times

* MG Rover expects a 1 bln stg deal with Shanghai Automotive Industry Corporation to more than double output at its Longbridge plant in Birmingham to around 200,000 cars a year over the next five years - Sunday Telegraph

* The four businessmen who own MG Rover are in line for another multi-million-pound windfall when they hand control of Britain's last large-scale independent car manufacturer to a state-owned Chinese company in a 1 bln stg deal - Independent on Sunday

* ASTRAZENECA shares fall more than 8 pct as questions about the safety of Crestor, its most important drug, resurface - Saturday FT

* Sir Tom McKillop, chief executive of ASTRAZENECA, calls for a radical shake-up in the way new medicines are made available to patients in an effort to tackle mounting public concern about drug safety - Sunday Times

* ALLIED DOMECQ being sued by Russian authorities in a row over Stolichnaya vodka - Independent on Sunday

* BOC in talks to sell its stake in Afrox Healthcare, which owns and manages private hospitals in South Africa, to Medi Clini for up to 300 mln stg - Sunday Express

* MM02 could delist from the New York Stock Exchange following scarce interest in its shares - Sunday Express

* The owners of the fashionistas' favourite shoemaker, Jimmy Choo, prove the power of celebrity endorsement by selling a 51 pct stake to private equity firm Hicks Muse for 101 mln stg - nearly five times its value three years ago - Saturday FT

* DIAGEO agrees to buy the Dutch Ursus vodka and sloe-flavoured Ursus Roter brands for about 102 mln stg

* General Electric and Siemens emerge as front-runners to bid for parts of NOVAR, the struggling industrial holdings group under attack from MELROSE - Saturday FT

* LAURA ASHLEY surprises the City with the announcement that Rebecca Navarednam, joint chief executive of the fashion and home furnishings group, has resigned

* RYANAIR, Europe's biggest low-cost airline, expected to announce on Monday that it is establishing its next European operating base at John Lennon airport in Liverpool - Saturday FT

* Icelandair's chairman Hannes Smarason says the airline could raise its 10.1 pct stake in the no-frills operator EASYJET, refuelling speculation about a possible takeover bid - Saturday Independent

* Three MARCONI directors sell shares in the telecommunications company worth 4.29 mln stg after meeting performance targets agreed as part of its restructuring plan - Saturday FT

* Jupiter Asset Management, the largest shareholder in WHITEHEAD MANN, raises its stake in the headhunter to 17 pct to help fight off any "lowball" takeover offer for the company - Saturday FT

* STANDARD CHARTERED signs a framework agreement to take a 19.99 pct interest in Bohai Bank of China

* HBOS accused of bluffing in its withdrawal from the bidding for the Irish operations of National Australia Bank in an effort to force down the price - The Business

* Four of the world's most powerful investment firms (Blackstone Group, GE Capital, Whitehall Street and Lehman Brothers) vying for the 1 bln stg package of UK hotels put up for sale in September by INTERCONTINENTAL HOTELS GROUP - Saturday Times

* REUTERS refuses to comment on reports it has hired UBS to sell its 63 pct stake in Instinet but confirms it is not an "important strategic asset for the future" - Saturday Express

* Shareholders in Five, the youngest and smallest UK terrestrial channel, will reopen talks with Flextech, the content arm of cable broadcaster TELEWEST, after the collapse of merger talks with Channel 4 last week - The Business

* United Technologies Corporation, the US industrial conglomerate, considering making a bid for the industrial fire protection business of NOVAR, the building supplies group fighting a hostile bid from MELROSE - Sunday Telegraph

* US venture capitalist house Elevation Partners favourite to fund a management buyout of EIDOS - Sunday Express

SATURDAY PRESS COMMENT
FT
THE LEX COLUMN comments on Dr David Graham's drug safety warning (hopes that a Republican victory might relieve the drug sector's woes now look misplaced), Nike, EMI (yesterday's results have prevented EMI from becoming a stock worth 170 pence; the case for 300 pence, however, has not been advanced), Reits (Hong Kong's punters will find their first Reit almost as compelling as shopping)- MINORPLANET (there is little doubt the telematics market has potential - but whether Minorplanet will be around to tap it is open to question) - Weeekend share watch: INDEPENDENT NEWS & MEDIA (looks slightly more expensive than European peers, reflecting its better geographic spread, with interests in South Africa, New Zealand and Australia), IMI (projections put IMI on a p/e for this year of about 13, in line with the rest of the engineering sector), RANSOM (will have to manage its series of acquisitions well for its shares to reach the heights they scaled when they topped 80 pence in the 1990s) - COOKSON (rights issue fears) - UK stocks that generate the highest proportions of sales from Asia include CAIRN ENERGY, STANDARD CHARTERED, BHP BILLITON and RIO TINTO (MONEY & BUSINESS p.27)

Independent
No Pain, No Gain: Derek Pain comments on MERRYDOWN (I have decided to hang on for the time being; even if an offer fails to materialise, I may well be teqted to sell the shares should they remain above 100 pence), BURTONWOOD (clearly a solid, long-term holding)

Mail
INVESTMENT EXTRA: DX SERVICES (looks well placed and a bid is possible), BUSINESS POST (sells at a steep 21 times current year earnings and 17 times next year's; that will still look cheap if it grows as hoped); VERT-ECO (BP Castrol taking a look at HydroDec process); VIROTEC (hopes of a deal with a US consumer products giant to treat its waste water) - EBOOKERS (growing speculation that an agreed 330 pence-a-share, or 215 mln stg, cash bid will be announced on Monday; Cendant Corporation and Sabre are two big US names in the frame) - TRIPLE PLATE JUNCTION (dealers believe the stock looks cheap) - REUTERS (buyers believe a sale of Instinet is on the cards) - TBI (fund managers believe bid talks will bear fruit this time and result in an eventual take-out price of between 95 pence and 115 pence a share) - LONDON STOCK EXCHANGE (continuing talk of a 450 pence-a-share cash bid from Deutsche Borse)

Guardian
WH SMITH (fears it could suffer another poor Christmas) - EASYJET (talk that the men who control more than 50 pct of the company might join forces and take easyJet private) - PREMIER FOODS (talk that an acquisition - possibly of Marmite from Unilever - is on the cards) - MERSEY DOCKS & HARBOUR (concerns that the mystery private equity bidder may not pay the 11 stg-a-share price that some of the biggest shareholders are rumoured to be demanding) - EBOOKERS (talk that it is set to recommend a 330-350 pence-a-share offer from either Cendant or Priceline.com) - TELEVISION CORPORATION (John de Mol's Talpa Capital takes stake to nearly 17 pct) - ACCIDENT EXCHANGE (rumours that next week's half-year figures will impress) - PHYTOPHARM (CBS news will air a programme on the Hoodia gordonii cactus plant tomorrow in which Phytopharm and its weight-loss pill, P57, will be featured)

Times
ITV (fails to conclude its negotiations with BSKYB over the future encryption of ITV1 on the pay-television service) - Top tips of the most successful unit trust managers: Patrick Evershed (NUETEC PHARMA), Nigel Thomas (ALLIANCE UNICHEM), Jim Fisher (BIZSPACE), Anthony Bolton (declines to pick a single stock), Andrew Green (P&O), Paul Mumford (HENRY BOOT), Michael Barnard (HEALTHCARE ENTERPRISE GROUP), Andy Brough (GRAINGER TRUST), Mark Hall (TOREX RETAIL, Mark Slater (FINANCIAL OBJECTS) - ENTERPRISE INNS (prospects of a strong set of full-year results next week) - SERVICE POWER TECHNOLOGIES (chairman picks up 700,000 shares at 34 pence)

Telegraph
ADMIRAL (speculation it could be promoted to the FTSE 250) - TULLOW OIL (Congo discovery talk; institutional meetings) - QUESTOR COLUMN: PALADIN RESOURCES (for those that like risk, the shares are worth a look), NORTHGATE (although the road ahead contains some potential potholes, now is probably not the time to leap from Northgate's cab), BURTONWOOD (its steady growth prospects make it worth a shot)

Express
LLOYDS TSB (fears of a rights issue or dividend cut) - SYNERGY HEALTHCARE (talk it is close to winning two contracts) - JKX OIL & GAS (rumours of a positive update) - WHO'S DEALING: STATPRO (chairman buys 20,000 shares at 33 pence) - SHARE WHISPER: STANLEY LEISURE (punters place their bets on an upbeat trading statement next Tuesday) - BROKER'S VIEW: PARITY GROUP (sell from reduce - Altium Securities)

SUNDAY PRESS COMMENT
The Business
INCOME INVESTOR: NOVAR (bid may be an alternative to selling out underperforming businesses to private equity firms and seeing them make all the turnaround profits) - SMALL-CAP INVESTOR: TRAFFICMASTER (long-term buy) - AIM INVESTOR: CENTURION ELECTRONICS (far from expensive and still a long-term buy) - BENCHMARK: Grant Clelland comments on BT (must learn to change with the times), Alstom, Europe's troubles

Mail on Sunday
MIDAS: MAJESTIC WINE (buy) - MIDAS UPDATE: J SAINSBURY (sell at 270-1/2 pence) - COrANIES AND MARKETS: Mid-Kent Water (former chief executive Keith Tozzi emerges as front-runner to buy the company), RIO TINTO (may sell the world's biggest diamond mine, Argyle in Western Australia; EUROPEAN DIAMONDS a possible contender), Irish television channel Setanta could play a crucial part in negotiations over whether ITV renews a 17 mln stg annual deal for its channels to be broadcast on BSKYB's digital network), TBI (foreign trade buyers emerge as likely bidders), BIG FOOD GROUP (Baugur haggling for a make or break 50 mln stg cut in its deal to buy the ailing retailer), SECRET DEALINGS: BRITISH VITA (A-rated fund manager Tony Willis and AA-rated Paul Mumford topped up their holdings recently)

Observer
THROG STREET: Richard Wachman comments on STANDARD CHARTERED (a well-run bank, but without a merger (BARCLAYS would love one), the current valuation is hard to justify), EASYJET (easyJet's problems may not be over, but the idea of a limited recovery in 2005 is scarcely far-fetched - and, doubtless, that's what Icelandair was thinking when it built its stake), BRITISH LAND (watch the body language between Stephen Hester, new British Land chief executive, and John Ritblat, the founding chairman, at the interim results briefing this week) - CLINTON CARDS set for many happy returns; does the acquisition of rival Birthdays signal the rise of another retailing dynasty (BUSINESS p.10)

Sunday Times
AGENDA: William Lewis comments on ASTRAZENECA (drugs giants need to find a cure for credibility gap), Peter Butler's mysterious departure from Hermes, P&O (if the non-core sell-off goes according to plan, we can expect the 25 pct discount to net asset value to close) - JUDGMENT DAY: SHOULD YOU BUY SHARES IN MAJESTIC WINE Andy Brough, fund manager at Schroders, says take profits, but Tim Steer, fund manager at New Star, says buy) - INSIDE THE CITY: Dominic O'Connell comments on VIRGIN MOBILE (Branson understood to be eyeing a deal in Nigeria - a natural development after his recent agreement with that government to develop a national airline for the country), ITOUCH (looks inexpensive); MARKET MOLE: EASYNET (recovery expert Andrew Green picks up 645,000 shares to take his GAM International growth unit trust's holding to 2.4 pct) - DIRECTORS' DEALS: PUNCH TAVERNS (three directors sell stock) - What to do with your windfall shares: ALLIANCE & LEICESTER (sell), BRADFORD & BINGLEY (sell), BG GROUP (hold), CENTRICA (buy), NATIONAL GRID TRANSCO (hold), BT GROUP (sell), MM02 (hold), HBOS (hold), NORTHERN ROCK (hold)

Sunday Telegraph
The estate agency market is as bad as it has been at any point in the past thirty years and 1,000 agents could go out of business (BUSINESS p.9) - BLUE CHIP VALUES: SCHRODERS (sell), BRITISH LAND (consider banking some profits); Look who's trading: TAYLOR NELSON SOFRES (some directors cash in; the shares should have further to go); SMALL CAP COMMENT: CHRYSALIS (likely to rebound, and now is not the time to sell), UNITED DRUG (buy), ICM COrUTER GROUP (long-term buy), SOUTHERN AFRICAN RESOURCES (sell) - TAKING STOCK: Edmond Jackson comments on OXUS GOLD (for investors seriously wondering how to get a hedge in their portfolios via gold, Oxus is one option), GOLDEN PROSPECT (an investment company offering a spread of projects, some of them in other metals), J SAINSBURY (logical stance is to wait and see how sales improve next year)

Sunday Express
Mobile phone firm plugs into a bright future; MM02 boss believes a takeover is unlikely at the company's current value (Financial Sunday Express p.6)

Independent on Sunday
FALKLAND GOLD & MINERALS (floating on AIM this week and claims it has found gold in the Falkland Islands) - Watch out MARKS & SPENCER, WH SMITH, DIXONS, FCUK, etc: one-stop TESCO is stealing your sales (BUSINESS p.7)

morning all,

longs CTM SOF RGU BLND BUR

short DAX S&P

Have a good day,see you all just after lunch !!!!

Mega...

SCOTTISH POWER CUT TO 'EQUAL-WEIGHT' FROM 'OVERWEIGHT' BY LEHMAN BROTHER

MARKET EXPECTATIONS
* Cambridge Antibody Technology Group. Evolution Securities forecasts year to September pretax loss 36.1 mln stg vs 41.8 mln
* Care UK. Baird Equities forecasts year to September adjusted pretax profit 13.5 mln stg vs 11.3 mln
* Nord Anglia Education. Baird Equities forecasts year to August adjusted pretax profit 10.0 mln stg vs 3.9 mln

The following is a compilation of UK company results due out in the two weeks to Dec 3.

MONDAY NOV 22
Cambridge Antibody Technology Group PLC. Evolution Securities forecasts year to September pretax loss 36.1 mln stg vs 41.8 mln.

Care UK PLC. Baird Equities forecasts year to September adjusted pretax profit 13.5 mln stg vs 11.3 mln.

Nord Anglia PLC. Baird Equities forecasts year to August adjusted pretax profit 10.0 mln stg vs 3.9 mln.

TUESDAY NOV 23
Tribal Group PLC. Evolution Securities forecasts six months to September pretax profit 6.9 mln stg vs 7.0 mln; interim dividend 1.0 pence, unchanged.

WEDNESDAY NOV 24
AWG PLC six months to September pretax profit before exceptionals and goodwill 42-44 mln stg vs 46.4 mln; interim dividend 14.35 pence vs 14.0.

Detica PLC. Baird Equities forecasts six months to September adjusted pretax profit 3.1 mln stg vs 3.3 mln.

Erinaceous PLC. Bridgewell Securities forecasts six months to September pretax profit 2.7 mln stg.

Speedy Hire PLC. Evolution Securities forecasts six months to September pretax profit 9.0 mln stg vs 11.0 mln.

Tomkins PLC three months to September pretax profit 62-67 mln stg vs 61.7 mln.

THURSDAY NOV 25
Capital Radio PLC. Evolution Securities forecasts year to September pretax profit 22.4 mln stg vs 22.8 mln; total dividend 18.5 pence, unchanged.

Johnson Matthey PLC six months to September pretax profit before exceptionals and goodwill 100-104.3 mln stg vs 97.5 mln.

United Utilities PLC six months to September pretax profit before exceptionals and goodwill 190 mln stg vs 171 mln; interim dividend 14.72 pence vs 14.43.

LONDON (AFX) - Stephen Marks, the founder and executive chairman of French Connection Group PLC, is considering selling his stake in the struggling UK clothes retailer following a severe profits warning last week, according to a report in the Business.
Last year, Marks reportedly approached private equity firms over the sale of his holding in the fashion retailer, which then stood at 52 pct.
The subsequent revival in the group's share price saw him call off those talks, but last week's profit warning has promoted a change of heart, according to the Business.
Citing private equity sources, the newspaper said Marks has re-opened "tentative discussions" over the sale of his stake.
A spokesperson for French Connection declined to comment on the story.
Shares in French Connection lost a fifth of their value last week after the group, famous for its 'fcuk' brand warned year to end-January 2005 profit would be "significantly below" market hopes.

MARKETS

Tokyo: Nikkei 10,849.39 down 233.45

Hang Seng midday 13,707.38 down 80.30



BREAKING NEWS - MONDAY

* Iraq debt agreement ends stand-off; accord hailed as ending transatlantic split; 30 pct of loans to be forgiven immediately; rebel violence threatens to overshadow multinational conference - FT

* Allianz will only sell its Dresdner Kleinwort Wasserstein investment banking subsidiary to a partner that can provide a 'strategic advantage', having rejected a 'pure financial' deal out of hand, say senior bankers close to the group - FT

* DAILY MAIL & GENERAL to step up its offensive against rivals by unveiling new printing plans for its mid-market newspaper titles - FT

* Virgin Mobile USA, the mobile operator owned by Virgin Group and Sprint, considering an IPO next year that could value the business at about 1.07 bln stg - FT

* Japan 'back on track next year'; latest recovery has robustness; ultra-loose monetary policy to be maintained; concern over China's economy - FT

* China slowdown good for global steel, says Mittal - FT

* SEVERN TRENT rejects 75 mln stg fraud claim - Independent

* House prices could fall by 20 pct over the next three years and put a brake on the UK consumer spending boom, according to Barclays

* BT will bid this wek for a 4 bln stg Ministry of Defence contract to stitch together IT systems for Britain's armed forces - Mail



MONDAY PRESS COMMENT

FT

THE LEX COLUMN comments on Sears/Kmart, European banks, Generic drugs

Independent

SMALL TALK: Stephen Foley comments on CREON CORPORATION (starts trading on AIM Thursday), TELSPEC (insurance payment, which came through last week, has given the loss-making company a bit of a breathing space), COBRA (word is that trading update will be accompanied by news of a fundraising to bring in another 1 mln stg-3 mln and widen the shareholder list), TEXAS OIL & GAS (will confirm this morning that oil is about to flow from 26 of the 104 wells it bought in July)

ONDON (AFX) - Shares in Cable & Wireless PLC have been downgraded to 'underperform' from 'neutral' by CSFB, dealers said.

In a note to clients, the Swiss broker argued that on closer inspection, the group's first half 2005 results were far less robust than they initially appeared.

CSFB also noted that initial relief at no big earnings miss masked disappointing trends within key operating divisions and added that given the first disclosures of UK revenue mix by product for 2 years, the UK businesses look even more voice-oriented than expected.

The broker also lowered its forecasts and cut its target to 105 pence, pointing out that it sees the stabilisation of UK and Caribbean forecasts as the main driver from here.

Morning all.

Morning all.

London shares - midmorning features

FTSE 100 risers
William Hill 515 up 1-1/2
Rally; own share buying
Next 1,628 up 3
Rally
Land Securities 1,218 up 1
Merrill Lynch 'buy' with NAV upped to 1,400 pence

FTSE 100 fallers
Reuters 395 down 14
Profit-taking; Wall Street influences
BHP Billiton 581-1/2 down 13-1/2
Fears of slowdown in Chinese economy
Pearson 622 down 13
Dollar weakness
Severn Trent 871-1/2 down 10
Dresdner Kleinwort reiterates 'reduce'; 'underperform' - CAI Cheuvreux
Scottish Power 386 down 6-1/4
'Equal-weight' from 'overweight' with target cut to 430p from 450 - Lehman
AstraZeneca 2,124 down 21
Teather & Greenwood 'sell; JP Morgan cuts target to 2,480 pence from 2,700
Diageo 726 down 9-1/2
Deutsche Bank targets 700 pence
Rentokil Initial 156-1/2 down 2-3/4
UBS 'reduce'
J Sainsbury 268-1/2 down 2
CSFB reiterates 'underperform'
Cable & Wireless 114-1/4 down 2-3/4
'Underperform' from 'neutral' with target cut to 105 pence from 115

FTSE 250 risers
Mersey Docks 900-1/2 up 19-1/2
Awaiting bid developments; analysts' presentation Thursday
Chrysalis 178-1/2 up 3-1/2
Positive comment in Sunday Telegraph
Tullow Oil 144 up 2-1/4
Congo discovery talk persists
Coqutacenter 282-1/4 up 4-1/4
UBS targets 310 pence
easyJet 182-1/2 up 2-3/4
Bid speculation; results due tomorrow
Workspace 2,004-1/4 up 7
Merrill Lynch/KBC 'buy'; interims; Panmure 'buy' with 2,300p target
Virgin Mobile 203 up 1
Virgin Mobile USA IPO being considered - Monday's FT
Punch Taverns 579 up 1
Arbuthnot reiterates 'buy'

FTSE 250 fallers
Lastminute 117 down 6
Profit-taking
Evolution Group 139-3/4 down 6-3/4
Fund managers threaten to shun future fundraising led by co - Sunday Times
Provident Financial 626 down 15-1/2
Yes Car founders to start legal action; Numis 'sell'
Countrywide 276 down 6
Property market worries; Panmure cuts target to 300p; Teather/Numis 'sell'
GWR Group 243 down 2-3/4
'Hold' from 'add' - Dresdner Kleinwort
Capital Radio 410-1/2 up 3-1/2
Interims due Thursday
Kidde 163-1/2 up 1/2
Williams de Broe/Arbuthnot 'buy'
Rank Group 298 down 2
Arbuthnot 'sell'
Stanley Leisure 427-1/2 down 2-1/2
Arbuthnot 'sell'
Mitchells & Butlers 295 down 3
Arbuthnot 'sell'
Aegis Group 105-3/4 down 1
'Neutral' from 'core' - Bridgewell Securities
Barratt Developments 518-1/2 down 5
Numis 'sell'
Bellway 716 down 4
Numis 'reduce'
Lonmin 1,024 down 15
Numis 'reduce'
EMI Group 238-1/4 down 1-1/2
Lehman cuts 2006 forecast

Other risers
New Millennium Resources 5.00 up 1.00
Daniel Stewart appointed adviser
Accident Exchange 195-1/2 up 7
Interims, due Dec 1, expected to impress
Education Development 10.25 up 1.00
Move to cut P&L deficit; swing to profits
Cambridge Antibody 621-1/2 up 57-3/4
AstraZeneca investment
Tecteon 3.25 up 0.25
Two products launched
First Artist 4.75 up 0.25
Upbeat trading update
IDMoS 138-1/2
New issue placed at 135 pence
Cardpoint 113-1/2 up 4
Buqer FY results; upbeat statement; Numis 'buy' with 175p target

Other fallers
Goshawk Insurance 41-1/2 down 3-3/4
Nikko bid talks off; KBC Peel Hunt 'sell'
Nord Anglia 222-1/2 down 11
Post-results profit-taking
Bioprogress 70 down 3
Cambridge University deal fails to excite
Highland Gold Mining 248-1/2 down 4
Production problems at Darasun mine; 'underperform' - Seymour Pierce

CC - a terrific read. If you don't make it trading you've surely got a future as a writer.

LONDON (AFX) - WPP PLC shares were lower in late morning trade, weighed down by a weaker dollar and a Cazenove downgrade, dealers said.

In a note to clients, the UK broker downgraded its recommendation on the media group to 'in-line' from 'outperform' on valuation, arguing that the shares are now trading close to its raised target of 600 pence, up from 580.

Cazenove added that shareholders of its recently-acquired Grey business will soon start to sell their WPP holdings, with up to 82 mln shares flowing back from those who cannot own non-US listed stocks.

Looking ahead, the broker noted that although current trading remains good and it expects the group to exceed its stated target of 13.8 pct operating margins in 2004, it believes that there are a number of negatives looking into early 2005.

By 12.00 pm, WPP shares were down 10-1/2 pence at 579-1/2.

long LAND 1233 s/l on