Market report: Thursday close

BUY at the bottom and sell at the top. That seems to be the motto of Compagnie Industrielle et Financiere des Produits Amylaces, which until this morning owned a near-10% stake in

But on the day it was confirmed T&L is to regain its place in the elite group of companies that make up the top 100, the French outfit dumped its entire holding, leaving the sugar producer nursing a fall of 15½p to 459½p.

The holding of 48.4m shares was placed by broker Hoare Govett with various institutions at 450p. The French acquired the shares four years ago at the equivalent of around 285p.

The T&L share price has been on a roll this year, boosted by booming sales of its artificial sweeteners. At the start of the year, the price was bumping along the bottom at 273p and today broker UBS repeated its neutral rating while lifting its 12-month target from 425p to 465p. Investec rates the shares a hold and says they look overextended.

T&L has, as expected, replaced automotive engineer Tomkins, 1¼p cheaper at 248¾p, in the Footsie. Insurance broker Admiral, ½ firmer at 318p, moves up to the FTSE 250 index along with Whatman, 3¾p off at 259½p, and East Surrey, up 5p at 392½p.

They will replace fashion retailer French Connection, 2½p off at 242½p, smallpox vaccines supplier Acambis, up ¼p at 249p, and telecoms group Thus, unchanged at 13¾p.

Share prices generally dipped back below 4700 despite the Bank of England pegging interest rates at 4.75%. The FTSE 100 index shed 5.50 to close at 4688.40, faced with opening falls on Wall Street this afternoon.

Exel dropped 23p to 723p after a downgrading by broker Dresdner Kleinwort Wasserstein and ITV shaded 1p to 102p following bearish comment from Bear Stearns.

Chemicals giant ICI dipped ¾p to 230¾p after UBS repeated its buy rating and increased its target from 265p to 280p. Centrica slipped 2p to 250p ahead of tomorrow's trading update.

Britain's biggest independent caterer, Compass, put on 4¼p to 236p as US broker Morgan Stanley raised it from equal weight to overweight and its target from 235p to 265p. It says the shares, which have tumbled from 385p since the start of the year after several profit warnings, are oversold. Still, a line of 4.85m went through at 232p.

Water supplier Kelda rose 5p to 569½p in the wake of yesterday's profit numbers. Deutsche Bank rates it a buy and has lifted its sights from 550p to 630p, but Morgan Stanley has the shares at underweight with a 555p target.

Aim-listed IP Live, the live entertainment group behind Billy Elliot the Musical, rose 2p to 57½p. Boss Gemma George is upbeat about prospects despite small losses for the period to 30 September. She says the company is looking to broaden its portfolio of live and touring productions.

Making its debut on Aim was online direct marketing company Interactive Prospect Targeting, following a placing at 68p by Cannacord Capital. The shares traded at 93½p.

It was also the first day for Equator Exploration, the oil and gas explorer with interests in the Gulf of Guinea. The shares were placed by broker ODL Securities at 100p and traded at 108½p.

Also taking a bow on the junior market was Falkland Gold and Minerals, after a placing by broker WH Ireland at 40p. Its shares rose to 41p.