Brave Footsie bids to stop the global slide

LONDON'S stock market was putting up a resilient performance today as it tried to halt the slide on other major markets around the world.

The Dow Jones Average tumbled 129 points in New York on Friday. In Tokyo today, the Nikkei 225 Average slumped to its lowest yearend close for 20 years. In Hong Kong, the Hang Seng index fell 173 points.

In the Square Mile, the FTSE 100 index clawed back some of Friday's 112-point deficit, rising 70 points to 3899.4, with traders pinning their hopes on an opening rally for Wall Street this afternoon. Total market turnover was among the lowest of the year.

Oil companies managed to halt Friday's profittaking-related slide in their share values. They were supported by a further hardening of the oil price on world markets in the face of growing international tension and the continuing strike in Venezuela, which could badly affect US oil supplies. Venezuela, the world's fifth-largest oil supplier, is in the grip of a general strike, now in its 29th day. Reports at the weekend also indicated that Opec members are ready to raise production levels to take advantage of rising prices. BP firmed 12p to 427p while Shell added 63/4p to 408p.

Trinity Mirror, publisher of the Daily Mirror and The People, hardened 4p to 418p on reports it could be the next bid target for US media group Gannett, which recently bought Scotland's SMG Group.

Gannett is on record as saying it is looking for further acquisitions in Britain.

Healthcare and biosciences specialist Whatman is shedding about 72 jobs in this country as part of a restructuring.

The cost of that restructuring is now expected to be pounds 18.5 million, against original estimates of pounds 10 million-plus. This will include a pounds 13 million provision relating to forthcoming litigation. The shares fell to 84p.

Fresh speculative buying of Fitness First lifted the shares a further 17p to 157p - their highest for three months. Weekend reports claimed venture capitalist Cinven has fought off rival bidders with an offer valuing the health clubs operator at pounds 370 million. It is said to be in exclusive talks with the management, but it is unlikely offer will be forthcoming until due diligence has been completed in two months.

Fitness First was floated in 1996, touching a peak of 716p two years ago.

Rival Holmes Place, unmoved at 941/2p, is also thought to be in bid talks with venture capitalist Bridgepoint, having seen negotiations with privately owned health clubs chain Cannons collapse.

Washing machines maker Monotub Industries' share price more than halved from 31/4p to 11/2p after the company announced plans to go into liquidation.

The news emerged as it sold intellectual property, tooling and other assets to Titan Washing Machine, a company controlled by founder Martin Myerscough, for pounds 1.

Mining giant BHP Billiton, 31/4p better 3281/4p, is to sell its indirect controlling stake in the world's biggest iron ore producer, Companhia Vale do Rio Doce, for $343 million (pounds 209 million).

Those looking for a recovery play in 2003 came in for British Biotech, up 1/2p at 31/ as two lines totalling 6.42 million of shares went through as delayed trades at 31/4p, taking total volume to 16 million.

.Prices and indices in this section are supplied from various sources and calculated at different times and may not always match those listed in the tables. Ofex prices relate to the previous close.

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