The London equities markets were lower on Wednesday ahead of the four-day Thanksgiving Day weekend in the United States. The FTSE 100 dropped 0.7 percent to 6,160.3, while the FTSE 250 fell 0.6 percent to 10,687.7.

Ladbrokes was 1.1 percent higher on the session to 397¼p as rumors circulated that private equity might be interested in making a bid for the bookmaker. Also up was British Airways, which added 2 percent to 491p on the news that Qantas Airways of Australia had received a $7.7 billion offer. Specialty chemicals company ICI was 9.3 percent higher to 423p as investors speculated that the sale of its Quest unit leaves it open to bids.

Plumbing and constructions materials company Wolseley fell 1.6 percent to £11.68 ahead of its annual meeting next week. Analysts are worried that the plumber might be forced into a restructuring because of the slowdown in the US housing market.

In the defence sector, BAE Systems dropped 0.4 percent to 414½p amid concerns that Saudi Arabia could cancel the contract for the Al Yamamah 3 fighter plane.

Among media companies, BSkyB was 0.7 percent lower to 531p, while ITV fell 2.2 percent to 109½p on reaction to its rejection of an offer from NTL. In addition, US fund manager Fidelity sold its 11 percent stake in ITV to BSkyB last week and then bought back 58.3 million ITV shares Monday for a much lower price per share; however it appeared that Fidelity had stopped buying shares.

The London equities markets were higher on Monday, with the FTSE 100 helped out by a bid for miner Phelps Dodge by Freeport-McMoran that raised hopes of further consolidation in the mining sector. The 100 added 0.2 percent on the session to 6,204.5. Meanwhile, the FTSE 250 gained 0.1 percent to 10,725.9, aided by a bid from Nasdaq for the London Stock Exchange, which was up 6 percent to £24.45 on the news.

The media sector was lower after BSkyB took 18 percent of ITV on Friday, which put a roadblock in the way of efforts of NTL to purchase ITV. BSkyB dropped 0.7 percent to 533p as investors figured that the purchase might be a good deal, while ITV was 1 percent lower to 114¼p.

Ladbrokes fell 1.9 percent to 390¾p on a downgrade from “buy” to “hold” from ABN Amro after an unsatisfactory trading update recently. Elsewhere in the leisure sector, Enterprise Inns added 2.3 percent to £11.67 ahead of its full-year report, due later in the day. Enterprise was expected to continue its share buy-back program instead of making new purchases.

The mining sector was higher after news of the Freeport-McMoran bid for Phelps Dodge. Anglo American added 2 percent to £24.45, while Rio Tinto was 2.4 percent higher to £27.32 despite the fact that there was some expectation that it might make a counter bid for Phelps. Antofagasta gained 4.1 percent to 476½p.

The London equities markets were mixed on Friday and closed out the week lower than they began. The FTSE 100 was 0.01 percent lower on the session and 2.1 points lower on the week to 6,155.2, while the FTSE 250 added 0.1 percent Friday but lost 43.1 points over the week to close at 10,356.5.

Banks were lower, with Lloyds TSB down 1 percent to 562½p, while Northern Rock dropped 1.2 percent to £11.76 on the news that the Office of Fair Trading has recommended that the Payment Protection Insurance market be looked at by the Competition Commission. Both Lloyds and Northern Rock make from 14 to 18 percent of their profits from PPI commissions.

Among other losers, PartyGaming was 7.2 percent lower to 29p on a disappointing trading update, while in the semiconductors sector Wolfson Microelectronics fell to 279p on a profits warning.

Ladbrokes added 2.6 percent to 401¼p and 12 million shares changed hands on rumors that a private equity group would make a bid. Still in the leisure sector, Intercontinental Hotels Group was 2.5 percent higher to 997p.

Amvescap gained 1.6 percent to 614p on positive comments from Deutsche Bank. Meanwhile, media group Pearson was up 0.9 percent to 784½p.

London equities markets were lower again on Friday. After gains early in the day, the FTSE 100 ended up 21.9 points lower at 5,597.4 as miners lost value on China’s steps to slow down economic growth. Meanwhile, the FTSE 250 dropped 8 points to end the day at 9,093.8. Over the week, the 100 lost 1 percent, while the 250 actually managed to gain 0.8 percent.

The 100 will lose three stocks beginning Monday, and all three were lower. Ladbrokes dropped 3.4 percent to 372¼p, while Daily Mail and General lost 2p to 600 and Cable & Wireless fell ½p to 109½p.

In the utilities sector, Scottish Power added 3.9 percent to 577½p for the largest gain on the 100. Most analysts put the gain to a positive evaluation of its PPM Energy division, which is the second biggest wind farm operator in the United States. Others said that it was helped by bid talk, as rumor had it that Scottish & Southern Energy is preparing an offer. Scottish & Southern added 0.2 percent to £11.13.

Retailer Marks & Spencer was up 3.3 percent to 573p on a “buy” recommendation from Deutsche Bank after having lost 13 percent in the past month. Also in retail, supermarket chain William Morrison added 2.4 percent to 199¼p and 50 million shares changed hands as bid rumors circulated.

In the mining sector, Rio Tinto dropped 1 percent to £27.17, while BHP Billiton declined by 2.2 percent to 960p.

In London on Wednesday the FTSE 100 had its highest close since February 2001 as it gained 0.76 percent to 6,089.8. Meanwhile, the FTSE 250 was up even more, adding 0.89 percent to 9.871.8.

The construction materials sector was up on comments indicating that the US Federal Reserve might be nearly finished raising interest rates for the time being. Companies with large US operations should see benefit should this be the case. Hanson was up 4.25 percent to 760½p, while Wolseley added 3.9 percent to £14.03. Also benefiting from the news on interest rates was Taylor Woodrow. With 40 percent of its business in the United States, the homebuilder gained 1.3 percent to 387¼p.

Publisher Emap added 3.6 percent to 869½p on rumors that several entities are interested in purchasing its French business. Once it sheds that unit, Emap itself was said to be a possible target for bids.

Casino operator London Clubs International added 7 percent to 115p, also on bids rumors. There is talk that Ladbrokes will try for LCI once it sells its Hilton hotel interests. US group Boyd Gaming is also said to be interested. Ladbrokes was up 0.4 percent to 418½p on the day.

Leisure group Rank, owner of Grosvenor Casinos, was up 2.15 percent to 225½p on a reiteration of a recommendation to “buy” from Citigroup, citing it as an attractive takeover target if it gets rid of its losing Deluxe Media business. Elsewhere in the sector, Stanley Leisure added 4.5 percent to 713½p and William Hill advanced by 1.16 percent to 609½p.

Imperial Tobacco was up 4 percent to £17.54, a five-year high share price, on speculation that it would make an offer for Franco-Spanish tobacco company Altadis before the year is out. JP Morgan said that the deal was likely due to a combination of Imperial being in a strong position and Altadis’ share prices being weak. Along with these comments, JP Morgan also raised Imperial’s target share price from £18.50 to £20.00.