Market report: Friday close

NOT every company wants a copper on its doorstep but

The property group was up 21p at 1170p after landing the Metropolitan Police Authority as a tenant for the 30-storey Landflex building, Empress State, in Earl's Court, west London.

Financial details were not disclosed, but investors liked the sound of the 15-year lease with annual rent indexation.

Although the Met won't move in for another five years, Transport for London will take up residence in September and arrangements have been made for further sub-lettings. The market is still waiting to see a big-name tenant landed for 30 Gresham Street. At least three banks are thought to be considering the building for their new headquarters.

London blue-chip shares had a disappointing day, despite robust overnight performances in the Far East and the US. The Dow closed up 95.30 points at 10,205.2. In Japan, the Nikkei 225 ended 143.54 points ahead at 11,309.57 while in Hong Kong the Hang Seng index was up 102 points at 12,086.8. The Footsie spent a short time trading in positive territory before the rot set it. It closed 22.9 points lower at 4430.70 after US markets re-opened on a quiet note.

At midday in New York today, the Dow Jones industrial average was off 12.70 at 10,192.50. The Nasdaq composite index was up 2.82 at 1,987.32.

In London, traders suspected institutions of selling equities in favour of bonds while the prospect of a long weekend dulled appetites for all stocks except one - Marks & Spencer.

Almost 100m M&S shares changed hands by midday as investors big and small filled their boots in anticipation of a possible 400p-a-share bid from Philip Green.

The shares soared almost 20% yesterday and a further rise of 14 1/2p took them to 359 1/2p today.

Brokers believe the Green bid could drag on for months but hope it will galvanise takeover interest in other retailers.

Matalan, down 2 1/4p at 182 1/4p, is rated as a potential bid target, while J Sainsbury, off 1 1/2p at 272 1/2p, could still tempt a buyer.

Vodafone, down 1 1/4p at 128 1/4p, bought back 24m shares at up to 129 3/4p. Investors pushed Cable & Wireless ahead by 2p to 123 1/2p, liking its £18.6m acquisition of Bulldog Communications. Bulldog will give C&W an advantage in local-loop unbundling technology.

Mid-tier software group Northgate Information Solutions gained 1/2p to 59 3/4p after making four new board appointments, while nursing home specialist NHP jumped 3 3/4p to 197 3/4p as profits soared and the half-year dividend trebled to 3p.

Among the small caps, drugmaker Axis-Shield added 7p to 158 1/2p as it said that new royalty payments from US sales should add a 'significant additional revenue stream'.

Airsprung was down 1 1/2p at 61 1/2p as investors bounced out of the bedmaker after it unveiled a full-year loss of £4.1m. A 2p dividend and assurances from the company of a 'significant improvement in operating profit barring any major economic downturn', fell on deaf ears.

Almost 30% was wiped off the value of financial recruitment group Fairplace Consulting, as it dived 23 1/2p to 55p.

The company said that disappointing demand for its City outplacing as well as depressed demand across the country means full-year turnover is likely to be 15% less than last year.