Market report: Tuesday close
LEADING shares closed off their best levels for the session, mirroring the jittery start on Wall Street, where investors opted to book some profits after yesterday's steep gains, dealers said.
The FTSE 100 closed 6.1 points higher at 4,412.8, compared to an intraday high of 4,415.9. Volumes were light reflecting the quiet corporate calendar. just 2.6 billion shares had changed hands.
On Wall Street, the DJIA slipped 5.60 points to 10,325.00 and the Nasdaq composite lost 5.27 to 1,987.24 on profit taking after yesterday's rally.
BP headed the FTSE 100 risers board for the whole of the session, rising 12p to 457p as analysts weighed in with positive reactions to yesterday's strategy meeting.
It was a chorus of 'buys' as both Teather & Greenwood and SG Securities upgraded the stock, adding to Merrill Lynch and Deutsche Bank's reiteration of the 'buy' rating.
Yesterday, BP said its production targets were on track and announced an aggressive policy to return at least £20bn to shareholders via share buybacks and increased dividends.
By contrast, Boots was one of the weakest blue chips performers, as negative comment continued to rain down following last week's trading statement.
HSBC cut its recommendation on the group to 'reduce' from 'add', arguing that the decision to increase capital spending at its core chemists' unit represented an 'unguided missile at 2004-05 forecasts'. Boots shares slumped 18p to 617p.
Meanwhile, Northern Rock fell 9p to 774 1/2p after HSBC deleted the stock from its 'buy' list and advised investors to switch to HBOS.
Regus dropped 6 1/4p to 68 1/2p following a raft of negative post-results press comments.
But on the upside, housebuilders remained in focus as the latest UK house price survey did little to dampen theories the BoE may next month hike interest rates for a third time since November.
The Nationwide said prices rose 1.4% on the month in March.
Quintain Estates added 19p to 421p, Hammerson rose 1p to 669p and Slough Estates gained 6 1/2p to 447 1/4p.
