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FTSE closes ahead but well off highs

END-OF-DAY REPORT: Headline shares close ahead but well off highs, the gains supported by strength among oil issues on the back of firm crude prices, with British Energy among the top blue-chip risers after confirming bid approaches.

At the close of play, the FTSE100 was 52.5 points higher at 6,304.3 with the FTSE250 ahead 115.4 points at 10,454.3 and the FTSE Smallcaps 4.9 points weaker at 3,218.3.

NEW YORK

By the London close, the Dow Jones Industrial Average was down 84.7 points at 12,908.0, with the Nasdaq Composite down 23.54 points at 2,510.15 and the S&P500 losing 8.54 points at 1,415.03.

LONDON MARKETS - BLUE CHIPS

M&A talk helped British Energy to add 35.5p at 715.5p, as the group said it has received at least two offers for the company, with sources close to the deal saying these include offers from EdF and Iberdrola SA.

British Airways, shrugged off higher crude prices and climbed 9p to 233p, after restoring its dividend and posting strong full year numbers, while Deutsche Bank reiterated its 'buy' rating in reaction.

Firmer crude prices helped crude majors, after oil moved above $126 a barrel Friday due to weakness in the US dollar and tight global distillate markets.

Shell took on 60p at 2,094p, BP took on 9.5p at 635p and Tullow Oil gained 30p to 954.5p.

Still in commodities, firmer metals prices underpinned mining sector gains, with Anglo American up 57p at 3,540p, Lonmin 93p higher at 3,450p and Xstrata rising 23p to 4,313p.

Bid talk boosted interdealer broker ICAP, which added 24p to 659p, as vague rumours circulated that Intercontinental Exchange, owner of London's crude oil exchange, is interested in making a bid.

Compass Group added 11p to 367.25p as Goldman Sachs lifted its stance to 'neutral' from 'sell', following first-half results from the contract caterer on Wednesday.

Among a handful of fallers, supermarket group Sainsbury shed 4.75p to 372.75p, extending losses after Wednesday's disappointing full-year figures.

Talk it is to make acquisitions, mainly in China and Japan, hindered Reckitt Benckiser, as shares lost 28p at 2,958p.

MIDCAP NEWS

A well received trading statement from Capital & Regional sent shares up 20p at 355p. The company said its proposal to raise new equity has progressed well.

Petrofac took on 25.5p to 654p, after the group said it expects net profit for 2008 to be at the top end of market expectations, prompting Seymour Pierce to keep its 'outperform' stance on the stock.

Charter rose 33p to 1,040p, after announcing improved full year hopes in its statement today, largely because of the positive impact of currency translation effects.

On the downside, a broker downgrade left shares in Logica 2p lower at 125.5p, with Goldman Sachs lowering its recommendation for the group to sell from neutral.

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