Market report: Friday close

THE FTSE 100 fallers were dominated for a second day by ICI as its shares fell 6 1/2p to 324p, having earlier hit a three-month low of 300p. The company has seen about £1bn wiped off its value in the past few weeks. It is desperate to continue with an £800m rights issue and talk in the market is that it will announce on Monday a two-for-five share split at 275p.

It will be interesting to see how the 275,000 private shareholders react to the cash call. Look out for plenty of massaging messages in the weekend financial media to keep them and the institutions, happy.

Meanwhile, the search for other cash raisers goes on. The two favourites appear to be British Airways and Marconi, but both defied the market with Marconi up 3/4p to 25 3/4p and the BA adding 8p to 212 1/2p.

As a former part-owner, ICI looked on enviously as AstraZeneca led the FTSE 100 risers for a second day with a gain of 81p to 3331p. Its portfolio of medical treatments looks set to increase sales with the US becoming its most important customer as the recession there has not affected demand for its world-beating drugs.

Traders said that the market was experiencing a seven-year itch. In 1995, the Coppock Indicator issued a buy signal and the market went into a longlasting bull phase. It did the same on Thursday, propelling the Footsie up 75 points. That gain was a classic bear squeeze. The FTSE-100 index at the close was up 24.9 at 5189.7.

British Energy said that it would achieve lower nuclear output this year and saw a 12p fall to 240p.

The housebuilding sector continues to roar ahead with two months to go before the traditional spring viewing season gets under way, as Bellway and McInerney Holdings confirmed. Reservations are running ahead of last year at Bellway, boosting its shares 17 1/2p to 439 1/2p. McInerney also says that this year has started well, lifting its shares 6 1/2p to 125p. The whole sector took heart from the early boom, with Berkeley Group adding 12 1/2p to 782 1/2p, Bovis Homes rising 7 1/2p to 371p, and Wilson Bowden up 17 1/2p to 855p. In construction Carillion put on 2p to 160 1/2p, Gleeson added 10p to 1330p and Kier was up 1 1/2p to 563p.

Despite the boom, Goldman Sachs turned negative on building materials firms such as Hanson, down 3p to 459p, while RMC, rose 5p to 590p. Lehman Brothers set a 700p target for BAT's stock, which rose 7p to 627p. Ahead of what are expected to be some poor results at the end of the month, Trinity Mirror reflected the advertising blues with a 18 1/2p fall to 399p.

Prices and indices in this section are supplied from various sources and calculated at different times and may not always match those listed in the tables. Ofex prices relate to the previous close.

The Daily Mail's Geoff Foster on yesterday's trade
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