Equities were down in London Wednesday, with the FTSE 100 down 0.49 percent to 6,482 and the FTSE 250 falling 0.71 percent to 11,278.5.

The pharmaceuticals sector saw losses.

GlaxoSmithKline (LSE: GSK; NYSE: GSK) dropped 0.9 percent to £12.49 after it reported that profits were down 5.8 percent in the third quarter on poor sales of Advair and Avandia.

Meanwhile, AstraZeneca (LSE: AZN; NYSE: AZN) fell 2 percent to £24.09 after a lowered recommendation from Merrill Lynch, which cited increased competition from generics in reducing the drug maker from “neutral” to “sell”.

Miners were also lower on declines in base metals prices.

Vedanta Resources (LSE: VED) dropped 4.05 percent to £20.63, while Lonmin (LSE: LMI) was down 4.66 percent to £32.50 and Kazakhmys (LSE: KAZ) fell 7.21 percent to £13.78 after it said output was cut by 19 percent in one of its mines after a flood.

Oil explorer and producer Cairn Energy (LSE: CNE) had the best day on the 250 with a gain of 6.35 percent to £24.13 on rumors that BP (LSE: BP; NYSE: BP; TYO: 5051) might make an offer.

Elsewhere in the oil sector, Tullow Oil (LSE: TLW; OTC: TUWLY) was up 2.09 percent to 610p.

Carphone Warehouse (LSE: CPW) gained 1.82 percent to 336.25p on news of an unexpected deal with Vodafone (LSE: VOD; NYSE: VOD; FWB: VOD) in which Vodafone will host Carphone Warehouse’s new mobile phone service.

The best performance on the 100 came from BAE Systems (LSE: BA). The aerospace and defense group added 3.36 percent to 507p.

London’s markets saw gains as well, with the FTSE 100 adding 0.54 percent to 6,535.2 and the FTSE 250 was up 1.15 percent to 11,360.2.

Northern Rock (LSE: NRK) led the 100 with a gain of 11.95 percent to 151.8p on rumors that a US private equity group has arranged funding for a possible takeover.

Alliance & Leicester (LSE: AL) was also higher, adding 7.06 percent to 880p.

But the banking sector was not universally higher.

Merchant bank Close Brothers Group (LSE: CBG) was down 3.47 percent to 794p for the worst day on the 250.

The insurance sector was also mixed.

While Old Mutual (LSE: OML; JSE: OLOML) was up 4.74 percent to 168p, Royal Sun & Alliance (LSE: RSA) was 1.73 percent lower to 153.1p.

Other gainers included house builders Taylor Wimpey (LSE: TW), which added 4.16 percent to 300.75p, and pubs operator Punch Taverns (LSE: PUB) with a gain of 3.87 percent to £10.46.

PartyGaming (LSE: PRTY) was 7.83 percent higher to 31p to lead the 250 on the session.

The worst performance of the day on the 100 came from the telecommunications sector as Vodafone (LSE: VOD; NYSE: VOD; FWB: VOD) dropped 2.51 percent to 171.1p.

Elsewhere in the sector, Cable & Wireless (LSE: CW) was 1.65 percent lower to 185.2p.

Retailers had a difficult day of it.

Sporting goods retailer Sports Direct (LSE: SPD) fell 3.43 percent to 133.75, while Carphone Warehouse (LSE: CPW) was down 1.52 percent to 340.75p and Home Retail (LSE: HOME) was 2.27 percent lower to 398.25p.

London’s equities markets saw gains Wednesday as some banks were higher.

The FTSE 100 added 0.56 percent to 6,433 while the FTSE 250 gained 0.33 percent to 10,889.3.

Banks were higher on the 100, led by Northern Rock (LSE: NRK), which was up 11.59 percent to 182p after it said it had received some approaches to buy, as well an offer.

HBOS (LSE: HBOS) was 5.12 percent higher to 873p after Goldman Sachs (NYSE: GS) added it to its “conviction buy” list, while Alliance & Leicester (LSE: AL) gained 3.4 percent to 733p.

Internet price comparison site Moneysupermarket.com (LSE: MONY) was the best performer of the day on the 250 as it added 5.49 percent to 173p.

Miners were mixed.

Aquarius Platinum (LSE: AQP; ASX: AQP; JSE: AQP) was 5.37 percent higher to £18.63 on the 250, but Xstrata (LSE: XTA) was down 1.44 percent on the 100 to £31.49.

DSG International (LSE: DSGI) had the worst day on the 100, where it dropped 3.71 percent to 129.9p after Credit Suisse (NYSE: CS; SWX: CSGN) cut the retailer’s target share price from 155p to 95p.

Elsewhere in the retail sector, Carphone Warehouse (LSE: CPW) was down 2.1 percent to 350.25p.

Over on the 250, computer software and video game retailer GAME Group (LSE: GAME) fell 6.93 percent to 188p.

The worst performance on the 250 came from the oil sector, where JKX Oil & Gas (LSE: JKX) was 7.02 percent lower to 344.5p.

London’s markets were higher Wednesday, with the FTSE adding 0.41 percent to 6,306.2 and the FTSE 250 gaining 0.07 percent to 11,219.7.

Aerospace and defense group BAE Systems (LSE: BA) had the best day on the 100, adding 3.18 percent to 478.25p, while engineering and construction firm AMEC (LSE: AMEC) was the best performer on the 250 with a gain of 4.5 percent to 731.5p.

The chemicals sector was higher.

Johnson Matthey (LSE: JMAT) was up 2.3 percent to £16.03, while Reckitt Benckiser (LSE: RB) added 2.74 percent to £27.39.

British American Tobacco (LSE: BATS; AMEX: BTI; KLSE: BAT) gained 2.57 to £16.79, which consumer goods retailer Home Retail (LSE: HOME) was up 2.5 percent to 410.75p.

Carphone Warehouse (LSE: CPW) added 3.38 percent to 352p on the news that it will jump from the 250 to the 100 beginning on September 24.

Tullow Oil (LSE: TLW) and Taylor Wimpey (LSE: TW) will also reportedly be promoted to the 100. Insurers saw declines on the day.

Standard Life (LSE: SLET) fell 1.2 percent to 288.75p, while Legal & General (LSE: LGEN) was the worst performer on the 100 with a drop of 2.27 percent to 133.4p.

Pest control group Rentokil Initial (LSE: RTO; OTC: RTOKY) was 1.29 percent lower to 168.7p, while media group ITV fell 1.51 percent to 111p after it said it would sell assets and cut jobs to increase core output.

Brewer SAB Miller (LSE: SAB) was down 1.7 percent to £13.28.

The biggest loser on the 250 was International Personal Finance (LSE: IPF), with a decline of 4.78 percent to 224.25.

The London equities markets were higher on Tuesday, with the FTSE 100 adding 0.6 percent to 6,086.4 and the FTSE 250 up 0.7 percent to 10,834.1. The oil and mining sectors helped in the gains.

In the telecommunications sector, Carphone Warehouse was 7.6 percent higher to 291¾p after its chief executive told Merrill Lynch Monday night that it has gotten back some contract business from Vodafone.

Premier Foods added 6.9 percent to 301½p as rumors circulated that the private equity owners of United Biscuits would be interested in a takeover attempt. Most analysts did not credit the possibility, however, and put the gains more to the recent bid by Premier for rival RHM, which gained 5.7 percent to 377¾p. If the Premier/RHM deal goes through the company created will be the UK’s leading food producer.

In the oil sector, BP was 1.8 percent higher to 578p when UBS named it one of its top picks for next year. Meanwhile, Royal Dutch Shell added 2 percent to £18.25 after ABN Amro raised its recommendation to “buy”.

Among miners, Anglo American was up 3.2 percent to £24.55 on talk that Larry Yung was interested in further building his stake in the company. Higher copper prices sent both Kazakhmys and Antofagasta higher as well. Kazakhmys added 3.1 percent to £12.17, while Antofagasta gained 4.6 percent to 530p.

In the tobacco sector, Gallaher was 3 percent higher to 986½p on expectations of consolidation within the sector. However, SG Securities reiterated its “sell” recommendation on the tobacco company on the basis that it was an unlikely takeover target.

London equities markets saw gains on Thursday as the FTSE 100 added 0.8 percent to 6,121.3 and the FTSE 250 gained 1 percent to 10,347.3. The 100’s close was its highest since April 21, while the 250 closed at an all-time high.

There were losers on the day, however, some of them taking substantial losses. Carphone Warehouse declined 14 percent to 310p on the announcement by Vodafone that it was awarding an exclusive retail contract in the UK to rival Phones4U. Vodfone dropped 0.2 percent to 130p after the news.

Cairn Energy was also lower on the session, dropping 2.8 percent to £18.35 after dropping as low as £16.73 earlier in the day. The initial drop came after a downgrade from ABN Amro, but investors came to the conclusion that the reduction was not as bad as first thought.

Supermarket chain William Morrison dropped 0.1 percent to 249½p after Brandes cut its holding in the company to 13 percent.

Gainers on the day included the mining sector, which advanced as commodities prices rose. Anglo American was 2.7 percent higher to £23.69, while Vedanta Resources added 3.2 percent to £13.62 and Rio Tinto gained 3.5 percent to £26.65. Anglo American was helped by rumors of bids and stake building.

The London equities markets were slightly higher on Thursday on a slow trading day in which 2 billion shares traded hands. The FTSE 100 was 0.2 percent higher to 5,869, while the FTSE 250 gained even less, rising 0.1 percent to 9,459.9.

Among gainers on the day was Carphone Warehouse, which added 2.4 percent to 268¼p on an upgrade to “outperform” from Morgan Stanley on valuation issues. Also advancing on the day was beverage-can manufacturer Rexam, which added 7.5 percent to 549½p after its interim results were much better than rumor had suggested they would be. PayPoint, which operates electronic bill-pay terminals added 10.6 percent to 619½p on the strength of an upgrade from UBS on Wednesday.

Property developer Minerva added 5.1 percent to 280p, for one of the day’s best results on the 250, after an upgrade to “buy” from Merrill Lynch, based on an annual report that is anticipated to be positive. The report is due out next month.

Losers on the day included Rentokil Initial, down 4.7 percent to 152¼p after it warned that its largest division will not meet forecasts this year. William Morrison dropped 0.8 percent to 216p on a disappointing result in the TNS market share survey covering the four weeks that ended August 13.

In London on Friday, equities markets were up slightly with the FTSE 100 up by only 3 points to 5,903.4 and the FTSE 250 adding 0.3 percent to 9.513.0. These small gains added on earlier increases, with the 100 up 1.7 percent over the week and the 250 gaining 2.8 percent since Monday’s opening.

Bids news spurred gains in the media sector. It was revealed that SMG, which owns STV and Virgin Radio, is in talks with UTV sent SMG 2.9 percent higher to 72p, while UTV added 7.6 percent to 344¼p. GCAP Media was also the center of takeover talk, sending it 3.2 percent higher to 215p.

In the tobacco sector, Imperial Tobacco gained 2.2 percent to £18.18 on the news that while a US court found Altria and Reynolds American guilty of violating racketeering laws it did not impose a fine on either company. Analysts said that this outcome made it more likely that the Phillip Morris division of Altria would make an immediate bid for Imperial.

Among losers on the day was PartyGaming, which was 2.2 percent lower to 111p after ABN Amro reduced its recommendation on the online gamer from “buy” to “hold”. Miner Kazakhmys declined by 2.3 percent on the news that China has raised interest rates weighed on mining stocks, as investors were concerned that the move would have an effect on the demand for metals. Among mid-caps, Carphone Warehouse dropped 1.7 percent to 266¾p after Citigroup began coverage of the company with as “sell” recommendation.

The London equities markets had another slow day, with only 2.3 billion shares traded. Still, both the FTSE 100 and FTSE 250 saw gains on the day. The 100 added 0.5 percent to 5,897.9, while the 250 was 0.6 percent higher to 9,359.6.

In the pharmaceuticals sector, Shire was 0.7 percent higher to 888p on the news that it has reached a settlement with Barr Laboratories that will keep Barr from marketing a generic version of Shire’s attention deficit disorder drug Adderrall until 2009. Adderrall accounts for about 50 percent of Shire’s sales.

Homebuilders were also up on the session as rumors of consolidation within the sector circulated. Bellway gained 1.8 percent to £11.95, while Barratt Developments added 2.3 percent to 951½p and Bovis Homes was 2.4 percent higher to 811p.

In the telecommunications sector, Carphone Warehouse advanced by 3 percent to 263¾p amid rumors that a private equity company had offered 330p per share for the company.

Man Group was 2.2 percent higher to 415p, while Amvescap added 2.3 percent to 517½p as fund managers benefited from the notion that weaker than expected data out of the United States would make it more likely that the Federal Reserve will keep interest rates at their current level rather than increasing them at its next meeting.

In London on Tuesday, the equities markets were up on the day with the FTSE 100 adding 0.6 percent to 6105.6. The FTSE 250 was up just marginally but still managed to close at an all-time high of 10,135.4.

In the telecommunications sector, Vodafone added 3.2 percent to 130p as Dresdner Kleinwort Wasserstein said that the sale of Vodafone’s share of Verizon Wireless, said to be close, could realize as much as $40 billion to $50 billion. Elsewhere in the sector, Carphone Warehouse gained 1.4 percent to 359¼p after Bear Stearns said that it could jump up to the FTSE 100.

In the retail sector, Marks & Spencer was up 1.1 percent to 627p on the possibility that a share buyback will be announced later this month when full-year earnings data are announced. Meanwhile, home improvement retailer Kingfisher also gained 1.1 percent, helped by new data from the Land Registry that home sales were up by one-third in the first quarter of the year. UBS raised Kingfisher’s rating to “buy” from “neutral” and set its target share price at 285p. Woolworths added 2.3 percent to 33½p after Deutsche Bank said it thinks the retailer’s profits will be better next year.

Confectioners Cadbury Schweppes was up 0.9 percent to 550½p on new rumors that US companies Kraft and Hershey are both interested in bidding for the company.