Market report: Friday close

GOLDMAN Sachs came to the rescue of

Microchip maker Arm's shares topped the FTSE 100 risers with a gain of 15p to 187p, still insufficient to rescue it from Footsie relegation when the blue-chip index is revised next month.

Logica, which will also be demoted from the top 100 as things stand - and is another influential member of the tech-MARK - gained 3 3/4p to 221 3/4p in reflected glory of Arm's success.

The techMARK rallied thanks to these two heavyweight members of the tech index, adding 2.37 to 993.23.

AIT provided more pain in the technology sector when its directors had to cough up £700,000 to stave off insolvency. Its shares slumped to a five-year low of 96 1/2p, down 396p, as it also warned of contract delays that would mean earnings would be £1.1m lower for the year to last March.

Merrill Lynch believes Man Group is undervalued and likes its recent RWF acquisition. The Thundering Herd retained its strong buy rating that helped the fund management group add 55p to 1010p.

The kick-off to the World Cup and the Jubilee celebrations meant there was a degree of absenteeism in offices today, especially when Senegal beat France in the opening game. However, dealers said the market seemed pretty active, with more than one billion shares traded. Some 45m of that volume was in GlaxoSmithKline.

Initially, reports from New York that the pharmaceuticals giant has been in preliminary discussions with US rival Bristol Myers-Squibb lifted its shares above a two-year low reached at last night's close. But at one point it posted a new low for two years by declining 60p to 1377p before settling at 1404p, down 31p.

The coming four-day weekend is estimated to boost supermarket sales by 25%. Tesco added 6 1/4p to 258p, as it sold seven tons of Britain's favourite footie-watch food, chicken tikka masala. J Sainsbury rose 7p to 377p. It expects to sell 8m pints of beer over the weekend. Safeway, expecting 'a shopping frenzy', was 3 3/4p better at 304 3/4p.

Dixons enjoyed a CSFB upgrade to buy on hopes for a World Cup boost to electronic products, and added 3 1/2p to 213 1/2p.

UBS Warburg cut its FTSE 100 target for the year-end to 5500 from 5750 but failed to take euphoria out of the market Friday as the Footsie added 44.3 to close at 5085.1.

The strike and subsequent grounding of all aircraft by Aer Lingus-left the airfield clear for Ryanair and helped its shares gain 2 1/2p at 394p.

Chesterton International is in bid talks with several parties and the troubled estate agent added 3 1/4p at 28 3/4p. Services group Exel clinched a £700m deal to move London's rubbish on barges down the Thames and its shares rose 15 1/2p to 895p.

UK Land added 42 1/2p to 277 1/2p as it revealed it was selling the south London Elephant and Castle centre for £29.25m and announced plans to maximise value for its shareholders. The sale will leave UK Land with net cash of £25m.

The Daily Mail's Geoff Foster on yesterday's trade
World markets, updated every 15 minutes
Every share, updated every 15 minutes
AIM, updated every 15 minutes
techMARK, updated every 15 minutes
Today's gainers and fallers