Market report: Monday close

BRITISH Airways was one of the best performers among the top 100 companies today after yet another major City player took an upbeat view of the group's recovery prospects.

Shares in the national carrier rose 1 1/2p to 235.25p after broker Credit Suisse First Boston upgraded the shares from hold to buy and set a 12-month target price of 290p. CSFB has been impressed by evidence that more people are returning to the air after a bookings slump in the wake of last September's terrorist attacks on the US. It is only one of a number of brokers to begin seeing the airline in a new light. The price has bounced from a low of 139p in December.

The rest of the equity market made modest gains in thin trading. Most investors want to see what is in Wednesday's Budget. The FTSE 100 index rose 40.4 points to 5201.4. Wall Street opened lower today with Banc of America downgrading General Electric from strong buy to buy. It is GE's first downgrading in more than four years.

Royal Bank of Scotland helped the London market keep its head above water, rising 16p to a record 1889p.

There was some respite for hard-pressed mobile phone operators, which were posting new lows for much of last week. A few bargain-hunters have appeared on the scene, nibbling away at some of the loose stock on offer. Vodafone rallied 5 1/4p to 115 3/4p while rival mmO2 put on 2p to 53.5p.

Further heavy turnover was recorded in Thus ahead of its results. It firmed 3/4p to 20 1/2p as several large lines of stock went through on the ticker, including 12.5m at 21p.

Banc of America has raised its recommendation on Cable & Wireless from under-perform to market perform. Analyst Eric Lakin has put a fair value on the shares of 212p after completion of the £1.1bn share buyback. C&W responded with a rise of 5 1/2p to 202p while talk of a £1bn share buyback at leisure group Six Continents lifted it 18 1/2p to 749p.

ITV Digital partners Carlton Communications, down 5p at 239p, and Granada, 1/2p down at 123p, have made it clear there will be no further funding for the ailing channel. Both companies received short shrift from the Football League after increasing their offer on outstanding TV rights payments from £50m to £60m. League bosses are adamant ITV Digital and its shareholders should cough up the £178.5m owed on the three-year, £315m deal.

SMG fell 12p to 137.5p and faces having its shares suspended unless it publishes final results by the end of the month. It is now four months since the owner of Virgin Radio and Scottish Television completed its financial year- end. SMG is currently nursing debts of about £350m and is in talks with its banks.

Britannic jumped 19p to 761 1/2p on weekend reports that rival Royal London is thinking of launching an offer of 800p per share. Royal London said there had been no talks.

Mounting speculation that Chancellor Gordon Brown will leave fuel excise duty unaltered in the Budget lifted shares in major oil suppliers. BP added 12p to 596p and Shell rose 9p to 505 1/2p. Sentiment was also boosted by the news of Venezuelan President Hugo Chavez returning to power. As a result, oil prices on world markets rallied sharply after Friday's sell-off.

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