Market report: Friday close

13 April 2012

TOP stocks fell to seven-week lows as investors, worried about the damage a higher oil price could inflict on the global recovery, headed for the exit.

Grocers were among the chief casualties after the Government dashed hopes of a bid war for Safeway, the country's fourth-largest supermarket.

With New York extending its losses in opening trade, the FTSE 100 fell 45.1 points to 4157.1, bringing its slide for the week to 2.3%.

Safeway dived 6.9% to 276p, after the Government barred three rivals from bidding for the grocery chain. Only Wm Morrison, down 8 1/4p to 211 3/4p, was cleared to bid.

Insurer Royal & SunAlliance fell 2 1/2p to 87 3/4p. Oil shares, which gained in recent days on news of a surprise cut in output by Opec, shed some of those winnings. Shell slipped 9 1/2p to 378 3/4p and BP dipped 10 3/4p to 415 1/2p.

The band was striking up again at Boosey & Hawkes as the two-year bid battle for the music publisher went into its next movement.

Trade buyer Music Sales, a long time stalker, said it was prepared to offer more than the 195p a share that a management buy-out team calling itself Regent Street Music has put on the table.

The announcement to the Stock Exchange came as venture capital bidder HgCapital finally made its hand known by saying it too is looking at trumping the management's offer. The news sent Boosey shares to a 15-month high of 210p, up 1p.

Merrill Lynch upgraded chemicals group Yule Catto to neutral from sell on valuation grounds, its shares having fallen 15% in the past two weeks. Today they rallied 3p to 290p.

Manchester United added 1 3/4p to 197 1/4p as Malcolm Glazer, owner of the Tampa Bay Buccaneers American football team, lifted his stake to 3.2%, or 8.2m shares. Philip Anschutz, Qwest Communications founder and owner of the Millennium Dome, could be in the bid running for the Old Trafford club. The rise in United's share price began earlier this year when the market believed two Irish racing tycoons, John Magnier and JP McManus, alongside John de Mol, the chairman of Dutch TV production company Endemol, were interested in kicking off a bid. The share price has more than doubled since December.

Jarvis, which admitted responsibility for the derailment of a GNER express train just outside London's King's Cross station last week, was 8 1/2p weaker at 313p after Network Rail said it was subjecting management to extra scrutiny.

Nestor Healthcare, which specialises in the recruitment of nurses and doctors, has rejected all suitors as offering 'no fair value' and it dipped 5p to 300p.

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