At midday the FTSE100 was down 34.3 points at 6,047.8 with the FTSE250 up 1.8 points at 9,926.2 and the AIM100 30.2 points lower at 6,453.8.
Volume was ok with 1.2 billion shares changing hands in 135,241 deals.


Dealers are keeping an eye on the price of oil after futures crept towards all time record highs following three straight days of gains. The US inventory data (to be released at 3:30pm) will show gasoline supplies fell again last week, making for a ninth straight week of declines ahead of peak summer demand.

Brent contracts were up 16 cents at $74.80, having gained 64 cents yesterday to close at $74.64.


Today’s look at individual Stocks:


Friends Provident was one of the worst performing stocks today so far, down 5.75p to 191.75p, on news after the close yesterday that unlisted Dutch insurer Eureko BV is offering up to 77.365 million ordinary shares in the insurer through an accelerated book build.


BskyB also fell down 12.5p to 517p, after the pay-TV giant reported disappointing fiscal nine-month revenues and a higher-than-expected rise in the number of customers cancelling their subscriptions. This is hardly surprising to me as the service is truly shocking.

The satellite broadcaster reported revenues of £3.08 billion for the first nine months, up 9% from last year but below the £3.182 billion - £3.295 billion forecast. Some 40,000 new customers signed up during the period. A broker Panmure Gordon remained cautious, repeating its sell recommendation and 400p target, saying it believes 'the risks outweigh the rewards.

There was no great fanfare on High Definition, which would indicate to us that the pick-up/interest in the product has not been fantastic

it said.


BAT shares also eased this morning, down 24p to 1,377p, as investors locked in profits following the stock's recent good run, after the group today posted first quarter numbers slightly ahead of forecasts.
The tobacco giant said its first quarter profit from operations on a reported basis grew 17% to £652 million on a like-for-like basis excluding exceptional items and the costs from the sale of Etinera.


Oil and mining stocks once again lead the way this morning. BG lost early gains, down 11p to 752p, after the group saw earnings double in the first quarter, thanks to high gas prices and volumes.

In the three months to March, the group's net profit before exceptional items rose 109% to £563 million from £269m last time, ahead of the consensus forecast of £545m. In response to this, Merrill Lynch reiterated its buy advice and raised its price target by 12% to 840p.


Marks & Spencer and Next both moved higher this morning, up 6.5p to 598.5p and 14p to 1,660p, respectively as Panmure Gordon upped its ratings on both stocks to hold from sell and to buy from hold, respectively.


Another broker comment saw Northern Rock climb 25p to 1,095p after Deutsche Bank lifted its stance on the mortgage bank to buy from hold ahead of the implementation of risk management regulations.


Staying with financials today, Man Group gained 54p at 2,643p after the fund manager revealed a 1.95% increase in the value of its key AHL fund.


London Stock Exchange rose in strong volume amid speculation that a further big stake in the bourse operator has changed hands following news Euronext has withdrawn from merger talks with the UK firm.
London Stock Exchange shares were 4p higher at 1,1221.5p with a volume of 10.41 million shares traded today already.


EasyJet, the no-frills airline upgraded its guidance for the full year as it posted first half results ahead of expectations. Soaring fuel costs have almost doubled half-year losses at the budget carrier airline, but the firm is still forecasting higher profits. The carrier reported a pre-tax loss of £40.3 million for the six months to 31 March, against a loss of £21.6 million last year. The figures were hit by a 49% rise in fuel costs, Easyjet said, and the later timing of this year's Easter weekend. However, Easyjet said the loss was not as bad as feared, adding that full-year profits would be up by 10-15% on 2005. The stock is currently up 11p trading at 324p.


The Portfolio:


What a superb week for the portfolio, we have seen rise after rise and today is no exception.

Wolfson (WLF) is currently toying with the 500p mark trading up 3.87% at 496.50p.
Marchpole (MPH) is flying today up 6.45% at 24.75p. The price target for these is still 30p.

CSR (CSR) is currently down 0.85% to 1401.00 due to some profit taking. This is hardly surprising due to the huge gains we have seen this week, the profits for CSR alone are now huge!
Also, Tullow Oil (TLW) continues its climb upwards; currently the stock is up 2.68% at 430.25p.

What a super week so far for the portfolio.