LONDON (ShareCast) - London’s benchmark index managed to cling on to gains but fell from earlier highs after Wall Street started mixed as oil prices moved up again.

Much of the earlier gains were posted by crude reliant stocks. Crude prices have slid from recent highs of $135 a barrel, giving the likes of Carnival, British Airways, easyJet a lift.

But some of the gains were erased by the afternoon as crude prices began to move up again. As a result, oil majors such as Tullow Oil and Cairn Energy narrowed earlier losses, while BG finished flat.

Shares in Wm Morrison moved higher after Credit Suisse upgraded the supermarket giant to ‘outperform’ from ‘neutral’ and lifted its price target to 340p from 320p. J Sainsbury moved up in sympathy.

JP Morgan has trimmed its price target on the B&Q owner Kingfisher to 134p from 138p, citing excess shop space in the UK and concerns of slower housing starts in France.

Property firms moved steadily higher throughout the day with Hammerson and Liberty posting good gains, while miners Vedanta and ENRC finished flat.

Ex-dividend issues dragged down Marks & Spencer, Next and Cobham.

Offers are due for RBS's insurance arm, though one possible bidder has dropped out. Italy's Generali said the €9bn price being asked is too high.

Outages at its Hartlepool and Heysham 1 stations saw profits tumble at nuclear generator British Energy last year. Underlying profits fell to £882m from £1.22bn, while net profits dropped to £470m from £770m.

Aeroengine provider Rolls Royce has established a joint venture with GKN Aerospace, part of GKN, to carry out research and development into the use of composite materials in aero engine fan blades.

Shares in Thus Group rallied after Cable & Wireless said it has made a preliminary approach in relation to a possible offer for the telecoms company.

Fashion retailer and wholesaler Burberry upped profits by 25% to £196m in the year to March on revenues up 18% at £995m with "with consistent performance across our regions, channels and products," it said.

Hi-tech defence group Qinetiq lifted annual profits by 20% to £127m, adding the current year has also started well. Revenue rose 19% to £1.37bn. Pre-tax profits fell to £51m from £89m. The full year dividend rises by 16%.

Internet sales drove revenue growth at electronics distributor Electrocomponents, with international markets performing especially well. Reported pre-tax profit in the year to 31 March 2008 rose 9% to £95.4m from £87.2m a year earlier. %.

Tile and flooring retailer Topps Tiles trimmed its interim dividend by a fifth as underlying sales and profits both came under pressure in the first half.

Mezzanine finance provider Intermediate Capital made progress last year despite credit problems elsewhere and expects to benefit further as other sources of finance dry up.

Delays in starting work on the Shell Tower and the Regent Palace Hotel sent asbestos removal specialist Silverdell into the red in the first six months, with full recovery not likely until 2009.

A substantial downturn in the fair value of its investment properties saw property trust Local Shopping REIT fall deep into the red at the interim stage.

Electronic components distributor Abacus Group toned down expectations for the full year as it halved its dividend at the interim stage.

The share price of oil explorer Matra Petroleum pulled out of its recent slump as it reported a positive development on its Arkhangelovskoe - 12 discovery well.

Oil and gas explorer Empyrean Energy saw its shares surge for the second day in succession as it announced another upbeat update on its Sugarloaf project in Texas.

Shares in Tadpole Technology slumped after the group said it does not have sufficient working capital for its present requirements.

FTSE 100 - Risers
Admiral Group (ADM) 884.50p +4.12%
Schroders NV (SDRC) 926.00p +3.29%
Schroders (SDR) 1,056.00p +3.23%
Sainsbury (J) (SBRY) 352.00p +3.07%
Carnival (CCL) 1,894.00p +2.82%
Rolls-Royce Group (RR.) 411.25p +2.81%
Home Retail Group (HOME) 236.00p +2.61%
Hammerson (HMSO) 924.00p +2.55%
ICAP (IAP) 619.00p +2.48%
Anglo American (AAL) 3,470.00p +2.48%

FTSE 100 - Fallers
Marks & Spencer Group (MKS) 381.00p -3.73%
Cadbury (CBRY) 680.50p -3.41%
Cable & Wireless (CW.) 158.70p -2.76%
Tate & Lyle (TATE) 457.25p -2.24%
Lloyds TSB Group (LLOY) 384.75p -2.22%
BP (BP.) 605.50p -1.78%
Cairn Energy (CNE) 3,315.00p -1.66%
British Energy Group (BGY) 725.00p -1.63%
Next (NXT) 1,168.00p -1.43%
Cobham (COB) 207.75p -1.42%

FTSE 250 - Risers
Intermediate Capital Group (ICP) 1,610.00p +9.97%
easyJet (EZJ) 291.75p +6.28%
Aveva Group (AVV) 1,350.00p +5.14%
De La Rue (DLAR) 950.50p +4.97%
Trinity Mirror (TNI) 228.50p +4.10%
Daily Mail and General Trust (DMGT) 417.50p +3.86%
Arriva (ARI) 630.00p +3.70%
Logica (LOG) 126.50p +3.69%
National Express Group (NEX) 891.00p +3.01%
Misys (MSY) 162.75p +3.01%

FTSE 250 - Fallers
Helical Bar (HLCL) 291.50p -6.57%
Grainger (GRI) 300.00p -6.47%
Bradford & Bingley (BB.) 97.25p -4.89%
Barratt Developments (BDEV) 200.50p -4.86%
St. Modwen Properties (SMP) 370.00p -4.45%
Shaftesbury (SHB) 468.75p -4.34%
Big Yellow Group (BYG) 337.75p -4.32%
Melrose Resources (MRS) 382.75p -4.19%
Quintain Estates & Development (QED) 362.50p -4.04%
Premier Farnell (PFL) 166.25p -3.90%

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