Market report: Thursday close

CITY investors gave the two-fingered salute to the 'fat-fingered' trader who brought chaos to Wall Street overnight.

Twenty minutes from the close of business in New York the hapless trader at Bear Stearns entered what should have been a $4m (£2.5m) sell order into his computer.

Instead, he entered a figure of $4bn, triggering a 100-point plunge in the Dow which closed 183 points down at 7755.61. At least $622m worth of stock had been sold before the error was realised.

The incident and news of a profits warning from Bank of New York provoked a knock-on effect on other markets around the world. In the Far East the Nikkei in Tokyo and the Hang Seng in Hong Kong closed lower. In London the FTSE 100 index stayed in positive territory until shortly before the close when it slipped 24.9 points into negative territory at 3880.3.

Cash-rich BP eased 1 1/2p to 441p after Wednesday's trading statement showing oil and gas production up around 4% in the third quarter. That did not impress broker Credit Suisse First Boston, which has trimmed its third-quarter profit estimate by 3% to $2.5bn. It has also reduced its earnings a share estimate for 2003 by 1% to 28.6p and remains neutral on the shares with a 530p price target.

Industrial gases supplier BOC Group slipped 10p to 853p as CSFB upgraded its shares from 'neutral' to 'outperform' but cut its target price from 1100p to 1050p. Martin Evans at E*TRADE Securities rates BOC a 'buy' with a 975p target price.

Chemicals giant ICI fell a further 3 3/4p to 212p on Wednesday's profits warning from Dow Chemicals in the US.

The banks gave up ground on closer inspection from punters. On Wednesday Goldman Sachs downgraded the sector, moving to 'underweight' and blaming the rise in bad debts and an expected slowdown next year in new mortgage business. HSBC fell 9 1/2p to 652 1/2p after UBS Warburg reduced its target price form 640p to 580p. HBOS lost 8 1/2p to 620p, and Barclays 9 3/4p to 406 1/2p.

Supporters of Cookson's recent £277m rescue rights issue must be having regrets. The price dipped another 2 1/4p to a new low of 16 1/2p - way below the 25p it was pitched at. Cookson's share price halved from 50p back in July, after the group issued its latest profits warning.

Aberdeen Asset Management is the latest member of the 90% club with a fall of 14p to a low of 53 1/2p. It has, so far, wound up four of its split capital investment trusts. Shareholders fear the regulator could compel Aberdeen to compensate investors who have lost money.

Arm Holdings touched a new low of 40p, before reducing the fall to 4 1/2p at 42 1/4p after Wednesday's profits warning. Chairman Sir Robin Saxby warned pre-tax profits at the microchip designer and developer would fall woefully short of City estimates.

JP Morgan has downgraded the shares from 'overweight' to 'neutral'. At its peak, Arm was changing hands at 1002p. Some brokers say the shares look worth buying. The former FTSE 100 constituent has a price tag of £476m, and around £120m in the bank.

AIM-listed Landround was a bright spot, adding 24p at 121 1/2p. Business at the travel promotions company is booming and it expects pre-tax profits for the financial year just ended comfortably to exceed current market expectations.