IT was more of the same for the stock market yesterday with the leading stocks drifting back in light trading and ignoring the latest takeover developments in the utilities areas of the market.

Burdened by a disappointing performance by the Footsie future, in front of a series of expires in the derivatives markets, the FTSE 100 index delivered its third straight decline, closing a net 25.7 lower.

The second line stocks mostly fared better than the leaders, thanks to widespread gains across the water and electricity sectors as Scottish Power launched an increased offer for Southern Water.

The damage to the FTSE 100 would have been more severe but for a mid session jump in Southern Electricity shares after it said it would allow its offer for Southern Water to lapse. Specialists said Southern would probably shift its sights elsewhere in the sector with Wessex and Thames the likeliest new targets.

The latest bout of weakness in London came in the wake of a series of mildly disappointing economic news items, from home and abroad which left bond markets slightly uneasy.Turnover at 6 p.m. totalled 758.2 million shares, with non Footsie 100 stocks accounting for 58 per cent of the overall figure.

Customer business on Wednesday was a surprisingly high £2.17 billion sterling, the best so far this week. Dealers said the figure was boosted considerably by two programme trades.