Global markets continued to struggle today

Global markets continued to struggle today as news reports that some nations, including the US, are now ready to launch an attack on Syria if they are given the go-ahead by officials. However, equity markets are still yet to really panic over the prospects of a number of western countries mounting another possible military intervention in the Middle East.

Nevertheless, oil is rallying towards a five-month high as investors remain concerned that supplies of oil may dwindle as a result of military action.

Italy is back on the agenda today as more political turmoil troubled investors. The current disparity centres around politicians’ disagreement as to how, and to what extent, taxes on main residences should apply. Berlusconi’s centre-right party are demanding the abolition of the tax if the coalition is to continue. Such threats are particularly problematic for the markets as although the Italian coalition is unlikely to fall apart as a result of a dispute on housing taxes, it does provide an insight as to how unstable the government actually is.

Risers:

Petrofac
Petrofac rises over 3%, topping the FTSE 100 after 1H results. They have said they are well placed to capitalise on increased investment in oil and gas projects in Mexico as the country opens up its energy industry.

Marks & Spencer
Citigroup upgrades Marks & Spencer to buy from neutral with a target to 535p from 470p. Says the combination of recent and material upgrades to UK economic growth forecasts and M&S management initiatives have markedly improved the credibility of double-digit FY15 and FY16 M&S EPS growth forecasts.


UBM PLC
UBM upgraded to buy from neutral at UBS with a price target of 830p from 740p. UBS also adds the stock to its Most Preferred list. Says UBM has underperformed the sector by 18% YTD, reflecting earnings dilution post disposals and weak near-term revenue momentum.


British Polythene Industries
The maker of polythene and agricultural films reports an increase in profit for the first half of the year, reflecting increase in sales, driven by Flexfilm acquisition and higher volumes.


Premier Foods
Credit Suisse upgrades Premier Foods to outperform from neutral and raises its target price to 155p from 100p. "There are signs at last that Premier Foods' business has stabilised, and even beginning to show some signs of growth, with potential for substantial upside gearing in the shares," it says.



Fallers:

Polymetal International
Polymetal International down 6% after being downgraded by HSBC to Neutral from Overweight. They currently have a 820p price objective on the stock, up from the previous 730p.


UTV Media
The broadcasting and new media company states it had a challenging first half but added that it remains confident about the prospects for growth in the second half. Broadcaster UTV Media's half yearly revenue fell by 10% as advertising revenue at its radio businesses in both Ireland and the UK continued to decline.


Antofagasta 
The copper mining company Antofagasta falls over 3% after 1H results. Citigroup says the miner disappointed at the EPS level. They posted a 37.3% drop in pre-tax profit during the half year-end, adding that it remains on track to achieve full year production target of 700,000 tons of copper.