Pubs and restaurants are in focus after a note from JP Morgan setting out its favourites - and more pertinently its least favourites - in the sector.
The bank has upgraded Restaurant Group from neutral to overweight, helping lift the company's shares 10.75p to 186p. However it has cut its price target from 350p to 260p.
It has cut its rating on Enterprise Inns, down 2.75p to 480.25p, Mitchells & Butlers, 1.5p lower at 441p, and Marstons, off 12.75p at 307p.
The bank remains overweight on Punch Taverns, up 1p to 771.5p, despite cutting its target from £14.50 to £10.70.
"Caution on the consumer, a re-ignition of supermarket discounting and continued eating out capacity growth all conspire to make us cautious," said the bank.
"We previously assumed flat like for like sales for all pub operators in 2008 to reflect the impact of the smoking ban but are now reducing our like for like assumptions (sales for managed, profits for tenanted) to -1% for 2008."
Overall leading shares have edged higher, with the FTSE 100 up 34.3 points at 6318.8. There is a bit of bid speculation surrounding platinum specialist Johnson Matthey, up 150p to £18.93 on talk of interest from Dow Chemicals.
But Tullow Oil fell 25.5p to 624p after a disappointing update from a test well in Uganda.
Over at Sports Direct, the company has wasted no time in starting its share buyback, authorised at yesterday's EGM. As expected, a couple of directors were also buying shares themselves yesterday. David Forsey and Robert Mellors each snapped up 1m shares at 98.562p. Sports Direct added 7.5p to 108.5p.
