Leading UK shares took root in the tightest of ranges today, missing impetus from New York share markets closed for a holiday, with early gainer Innogy fading from an early high on news of bid approaches.
Power firm Innogy stood 16.5 per cent higher at 244 3/4 pence, back from a high of 258p reached after the company said it had received approaches which could lead to a bid. Imperial Chemical Industries moved 5.3 per cent in the other direction on worries about a gap in its pension fund.
By 3.05 p.m. the FTSE 100 index was down 8.6 points to 5,173.9, with a thin 895 million shares changing hands, showing no signs of testing its recent 5,050-5,350 range.
Engineering and components firm Invensys added 1.6 per cent ahead of a strategy presentation on Tuesday. Dealers said the shares gained as some asset disposals could be outlined and the threat of a rights issue appeared to have faded.
Second line telecoms shares battled back after a stinging losing streak triggered by accounting worries, with cable firm Telewest up 25 per cent and Energis 11.8 per cent higher. Telewest slumped from above 41p at the beginning of February to a low of just under 14p on Friday.