Market report: Wednesday close

The prospect of a windfall failed to spark GUS shares to life, the price falling 7p to 743p ahead of interims out tomorrow, on a difficult day for the wider market. Burberry slid 21p to 361p as the sell-off went through. Morgan Stanley raised its Burberry target to 370p from 330p.

Hopes that George Bush will throw his weight behind the bid by Boeing and BAE Systems for RAF air tankers when he meets Prime Minister Tony Blair helped lift the British aerospace group's shares 4 1/2p to 176 1/2p. The joint contract could be worth £13bn.

The closure of its research facility and possible failure to sell the proteins division of its drug discovery business to US group Bio-Rad hit Celltech. It fell as much as 12 1/4p before rallying to show a 12p gain at 362p.

Wall Street opened stronger this afternoon, but London sentiment was depressed on the prospect of a rise in UK interest rates by February, prompted by the release of the Bank of England monetary policy committee's minutes from its latest meeting. The FTSE 100 index was weaker from the open, before closing down 27.3 at 4327.4.

Renewed speculation that industrial gases group BOC might merge with German counterpart Linde left the British firm's shares off 1/2p at 810p.

Colt Telecom fell 2 3/4p to 94 3/4p after it decided to use its £934m cash pile to pay off early its outstanding 12% Senior Discount notes due 2006, so saving itself £30m.

The Government published its plans for legislation to allow 'super casinos' in the UK. It envisages allowing larger operators to install vast numbers of slot machines on the scale of those in Las Vegas. Gambling laws have not been touched for 35 years.

Sol Kerzner, the South African gaming magnate, is rumoured to have struck a deal with Anschutz Entertainment, new owner of the Millennium Dome, to build a resort casino there.

The new legislation will confirm the gambling instincts of the British. Stanley Leisure gained 14 3/4p at 376 3/4p, London Clubs improved 1 3/4p to 76p, William Hill enjoyed a 16p flutter upwards to 375p and Sportech moved ahead 2 1/4p to 20 1/2p.

Entrepreneur Leo Noé upped his shareholding in central London office developer Derwent Valley to 3.67% after making a 'formal' bid proposal to Derwent chairman John Ivey through adviser REIT Asset Management.

After hitting an intraday high for the year of 771 1/2p yesterday, profit taking today left the shares down 13p at 758 1/2p.

Shares in CLS Holdings, one-third owner of the planned London Bridge Tower, which would be Europe's tallest building and has already earned the nickname the Shard of Glass, added 7 1/2p to a year's best 266 1/2p as the 1,000ft skyscraper was given the go-ahead.