BP leads Footsie risers

HAZARD warning lights flashed at

Trafficmaster and ITIS supply information to guide vehicles through Britain's roads without running into traffic jams. ITIS was fuming when an Ian Catling Consultancy report, commissioned by Trafficmaster, appeared giving Trafficmaster 96% for accuracy on the time, duration and severity of traffic conditions and ITIS a mere 20%.

After taking legal advice, ITIS chief executive Stuart Marks is believed to be ready to take action against Trafficmaster. If this happens, it could be a short-term drag on the share price.

There were also fears that Trafficmaster's founder David Martell, who is standing down as chief executive to be replaced by Stuart Berman, might sell all or part of his 4.6% stake of 6m shares. The board's decision to fork out £2.15m to buy Yeoman Group has left dealers underwhelmed.

Trafficmaster has fallen from a January peak of 105p, reached after top car manufacturers signed up for its Smartnav dealer-fit satellite navigation.

The Footsie hardly got out of first gear and closed 6.1 points better at 4412.8. Wall Street retrieved an initial 23-point deficit to trade 16 higher at one point ahead of Friday's US payroll (employment) numbers.

Sterling edged up to $1.8273, while the euro softened to 66.7p and $1.2190 after touching a year's low of $1.2047 amid speculation that the European Central Bank could pull a fast one on Thursday and reduce interest rates by 0.25%.

Oil giant BP was the top Footsie performer, gushing 12p to 457p following a flood of bullish broker comments in the wake of its decision to return $20bn to shareholders over three years if oil prices remain above $20 per barrel.

There is no stopping housebuilders. Many raced to new highs after Nationwide, the UK's largest building society, said it expected house prices to rise 15% over the year, much higher than the 9% it estimated in January. Higher house price inflation means higher profits for builders.

Persimmon, boosted by news that global investment manager Franklin Resources has bought 11.6m shares, or 4.1%, gained another 7p to 695p. It appointed Citigroup Global Markets as financial advisers to work alongside ABN Amro Hoare Govett. Speculators believe it has Westbury, 3 1/4p dearer at 494 1/2p, on its shopping list.

A revival of ancient US takeover stories helped EMI sing out with a rise of 8 1/2p to 257p.

Irish drug company Galen shed 8p to 824p after chief executive Roger Boissonneault sold 204,000 shares.

Computer games publisher SCi Entertainment rose 8 1/2p to 125 1/2p. It is on track to deliver significantly better than expected interim results to end-March, thanks to strong back catalogue sales. It expects the firsthalf loss to be no more than £1m as opposed to forecasts of £4m.

Up 1/2p at 54 1/2p, recruitment and training group Quantica heard that its largest shareholder has jumped ship. Gartland placed its entire 17.9m shares, 44.1% of the equity, at 50p with about 10 institutions to improve liquidity in the stock. Chief executive Les Lawson bought £100,000 worth.

Aim-listed Abingdon Capital improved 1 1/4p to 13p following results and an upbeat statement on prospects.

Henderson Morley, the drug discovery minnow, hardened 3/8p to 17/8p after being granted a European patent for its Ionic Contra Viral therapy until December 2020.

Cytomyx jumped 4 1/2p to 24 1/2p after signing a licensing deal for its Oncology cell signalling database with AstraZeneca, 13p cheaper at 2535p.

Director buying left Johnson Services 3 1/2p up at 400p and Hereward Ventures 1/4p dearer at 65/8p.