Market report: Tuesday close

THE stock market's record-busting run faltered today as the festive spirit took over from the profit-and-loss account.

Turnover slowed to a trickle as traders and investors raised a glass to this year's profits and hopes of better things in 2004.

Despite a confident performance on Wall Street overnight, prices in London failed to extend their 16-month high by much and traded in a narrow range. The FTSE 100 index was up 16.9 to 4440.9 in meagre turnover of 1.1bn shares with three firms accounting for 349m of that.

Heavy turnover was recorded in BT, with more than 133m shares changing hands as it firmed 1 3/4p to 188p ahead of going ex the 3.2p dividend tomorrow. Seven separate lines totalling 50m shares went through at between 183 1/2p and 184 1/4p. They were believed to be part of a dividend-washing exercise by institutional investors. A further 15.9m shares were later traded at 186 1/4p.

Trade was also brisk in HHG on its debut after the demerger from troubled Australian financial services outfit AMP. Placed at 30p, the shares traded at 38 1/2p on turnover of more than 150m. A heavy discount to book value in the life insurer and fund manager meant the offer was five times subscribed by institutional investors.

AstraZeneca rose 44p to 2679p. The drugs giant has submitted its anti-coagulant Exanta for regulatory review in the EU and US. Exanta is a rival to Warfarin, which has been helping prevent strokes for 50 years.

Ready-mixed concrete maker RMC has further reduced its stake in Australia's Adelaide Brighton by selling 20% of its shares, realising £64m. Anxious to cut debt by the year-end, it sold the shares to institutions at a 9.7% discount to the 19.9% it sold last week to Australian cement group Boral. It still owns 14.9% of Adelaide. RMC rose 12 1/2p to 672 1/2p.

AIM-listed PC Medics returned from suspension up 0.04p at 0.46p following interim results. Pre-tax losses narrowed to £73,341 from £391,601. The group has put its UK trading arm into liquidation. Its new arm, Nexus Management, is expected to provide the main drive to growth, while turnover in the new business exceeds that of the discontinued one.

British Land fell 2 1/2p to 579p supported by Deutsche Bank, which has repeated its buy recommendation and lifted its target price to 650p.

Speculative buying lifted Leeds United a further 1/2p to 6 1/8p despite Schroder Investment Management selling 1.25m shares at 5.7p. Chairman Professor John McKenzie was expected to have a rough ride from shareholders and fans at today's annual meeting at the Elland Road stadium. He has signalled he will not stand for re-election at the Premier League club, leaving him free to join one of the bidding consortiums. But it looks as though Leeds, which owes more than £80m, will have to sell players when the transfer window opens in a few days.

Easyscreen dipped 1 1/4p to 21 1/4p on mounting concern it may be forced to turn to shareholders yet again for money. The group has raised £1.5m from two share placings this year and says it needs more cash to expand its electronic trading software business.

News of fresh fundraising left Cyprotex 4 3/4p lower at 14 3/4p. The company is raising £2.94m by placing 30m new shares at 10p. The company raised £810,000 only last week when it issued 4.5m shares.