In London on Wednesday the equities markets took a tumble after Tuesday‘s gains, with the FTSE 100 dropping 1.6 percent to 5,587.1 and the FTSE 250 dropping 1.95 percent to 9,054. Much of the declines on the 100 were put to losses in the oil and mining sectors.

Among blue-chip miners, Kazakhmys lost 5.7 percent to £10.20 and Antofagasta was down 3.7 percent to £19.95. Mid-cap miners did better, with Vedanta adding 1.8 percent to £13.13, while Lonmin was up 0.45 percent to £24.52.

In the oil sector, a drop in the price of crude oil sent Cairn Energy down 4.7 percent to £20.83.

The online gaming sector provided the biggest loser on the 100 on concerns that a Judiciary Committee vote in the United States on a bill that would outlaw online gambling could send the legislation to a full vote in the House of Representatives as early as June 11. The prospect sent shares in PartyGaming down 6.5 percent to 112¾p. The news that two of PartyGaming’s founders are resigning from the board and could sell much of their 39 percents take in the company also figured in the day’s loss.

British Airways was down 0.9 percent on the day to 335p on reports that bird flu might have spread person-to-person in Indonesia.

Only six stocks on the 100 closed the day with gains. Scottish Power added 1.9 percent to 553½p on a full-year report that exceeded expectations. Another of the day’s gainers was pubs operator Mitchells & Butlers, which was up 2.45 percent to 481¼p on a rumor that Robert Tchenguiz, who recently walked away from a bid for the company, was planning on purchasing a substantial block of M&B’s stock during the day as a move toward another attempt to buy the company. By law he cannot make another bid until November, but due to a recent rules change he can legally build his stake before that time.

In London on Wednesday, declines in the oil sector and online gaming, as well as a weak start to the trading day in New York all combined to send the FTSE 100 and FTSE 250 down on the day. The 100 was down by 1.2 percent to 6,010, while the 250 was off by 0.3 percent to 9,896.3.

The news that a bill prohibiting online gambling in the US had gone before a congressional subcommittee sent shares in UK online gaming companies down on the day. PartyGaming dropped 4.5 percent to 148p, while Sportingbet lost 4.6 percent to 402p and 888 Holdings was down by 5.8 percent to 230½p. Even though many analysts believe that the legislation will survive the committee, most do not believe it will be approved when the full House of Representatives votes on it, most likely in June.

Falling crude oil prices sent BG Group down 2.3 percent to 745½p. BP lost 1.6 percent to 677p, and Cairn Energy dropped 0.6 percent to £24.33.

Miner Kazakhmys dropped 3.8 percent to £11.49 on disappointing production levels in the first quarter.

Gainers on the day included Northern Rock. The bank added 2.4 percent to £10.96 on an upgrade to “buy” from Deutsche Bank. Meanwhile, pubs operator Mitchells & Butlers, which added 7 percent to 516p on hopes of an offer by financier Robert Tchenguiz, and computer games company SCi Entertainment gained 4.3 percent to 537p on hopes that its new game will be a hit.

In London on Thursday the equities markets finished higher at the end of a holiday-shortened week. The FTSE 100 added 0.4 percent to 6,029.4 and the FTSE 250 closed at 9,775.0, an advance of 0.8 percent.

Bid rumors were still common. In the telecommunications sector, Vodafone gained 3.2 percent to 128¼p, benefiting from continued rumors that US company Verizon Communications might offer for it. Meanwhile, pub and bar group Mitchells & Butlers was up substantially after a group led by Robert Tchenguiz admitted that they have approached M&B. The news sent M&B up by 7.3 percent to 497½p.

Upgrades from UBS also worked in favor of some shares. Chipmaker CSR advanced by 5.4 percent to £12.65 after UBS raised its target share price from £12.50 to £14.50. Likewise, VT Group added 4.7 percent on an increase of its target share price from 540p to 600p.

In the internet gaming sector, PartyGaming gained 4.7 percent to 151¾p ahead of a trading update due next Tuesday.

Engine manufacturer Rolls-Royce Group was up after it announced that it is now addressing its pension fund deficit with its UK pension funds. R-R rose 2.6 percent to 480p.

Miners were down after recent gains, with Anglo American losing 1.1 percent to £23.66. Banks didn’t fare much better. Northern Rock, for example, lost 1 percent to £10.98.