Citigroup said it believes that Bayer is an attractive “buy”. Citi said that sentiment is going to be set by the Xarelto data and it remains positive on this asset. According to Citi trading appears to have improved in Crop Science, Materials remains robust and the company will benefit from recent currency moves.

Since the end of March, William Hill stock has been down 15 per cent, which UBS believes is unjustified. Based on its 2011 estimates the stock now offers a cash flow yield of over nine per cent. Post rights issue there are no significant balance sheet concerns and UBS moves from “neutral” to “buy” rating.

JP Morgan Cazenove said it welcomes the shift in financial focus at Aviva from long-term aspirational goals to short-term deliverables. JP Morgan said this indicates a reduced M&A appetite which it views positively as Aviva has been the most acquisitive European insurer since 2005 and upgrades to “overweight”.