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Date: Wednesday 20 Aug 2008

LONDON (ShareCast) - UBS has upgraded its rating on Tullow Oil to ‘buy’ from ‘neutral’ following a heavy fall in the oil explorer and producer’s share price.

The lower oil price and some mixed drilling news have brought about a 31% drop in Tullow’s share price, creating an attractive short-term entry point, UBS said.

There is still plenty of near term exploration and appraisal drilling news to come before the market’s focus inevitably shifts towards the difficulties and expense of developing these discoveries, the broker said.

Food sales at Sainsbury’s are likely to suffer as shoppers tighten their belts, JP Morgan said as it lowered its rating on the supermarket to ‘neutral’ from ‘overweight’. Of the big four supermarkets, J Sainsbury’s food sales are the weakest and trading its likely to worsen, the broker said.

Banks are also weak after the grim warning over the health of the US mortgage market from former IMF chief economist Kenneth Rogoff yesterday. Barclays and Royal Bank of Scotland are the worst hit.

FTSE 100 - Risers
Rio Tinto (RIO) 4,958.00p +6.83%
Tullow Oil (TLW) 740.00p +6.63%
BHP Billiton (BLT) 1,614.00p +6.18%
Kazakhmys (KAZ) 1,250.00p +5.84%
Petrofac Ltd (PFC) 578.50p +5.28%
Antofagasta (ANTO) 552.50p +5.24%
Xstrata (XTA) 3,016.00p +4.90%
Man Group (EMG) 531.50p +4.83%

FTSE 100 - Fallers
BT Group (BT.A) 165.80p -6.49%
Barclays (BARC) 310.00p -4.39%
British Airways (BAY) 236.25p -3.37%
Sainsbury (J) (SBRY) 316.50p -3.14%
Scottish & Southern Energy (SSE) 1,410.00p -2.96%
Royal Bank of Scotland Group (RBS) 208.75p -2.91%
Thomas Cook Group (TCG) 216.75p -2.58%
Pearson (PSON) 644.50p -2.57%

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