LONDON (ShareCast) - London’s top stocks finished down by the close of play with banking stocks firmly in the red, offsetting gains posted by resource issues.

HBOS fell the most after SG Securities cut its price target for the stock. Barclays was also lower on week-end reports that it is seeking further cash infusions from sovereign wealth funds.

Royal Bank of Scotland was down as it confirmed valid acceptances of 95.11% for its £12bn rights issue. The success of the RBS rights seems to have done more for Bradford & Bingley’s share price, however, as the bank undertakes a City charm offensive to get its own rights call successfully away. Alliance & Leicester and Lloyds TSB Group were also amongst the top ten losers.

British Energy released a statement late on, saying that none of the proposals it has received so far “represent value for shareholders” but it added that discussion with interested parties still continue.

Despite oil prices sliding from last week’s record highs, BG Group, BP, Shell, Tullow, John Wood and Cairn posted strong gains.

Fuel users such as British Airways, Carnival and First Group were under the cosh. Aircraft engine manufacturer Rolls-Royce takes some collateral damage from the airline industry’s woes.

Mining stocks were also on the up, with Vedanta and Anglo American rising but ENRC defied the trend and slipped back.

Housebuilders remain out of favour, with Persimmon, Barratt Developments and Redrow the worst affected. Retailers were also friendless, with Sainsbury hit by an “underweight” rating from Lehman Brothers while Marks & Spencer was weak on rumours of loss of market shares in women’s clothing.

Media groups Informa and UBM have also confirmed they are in talks about a merger. If completed a deal would create a £3bn media giant.

Sportswear retailer John David reports steady sales in the 7 weeks of trading to 31 May 2008, with cumulative like for like sales growth marginally improved in both the Sports and Fashion Fascias.

Electricals retailer DSGI was under pressure after Goldman Sachs cut its rating on the stock to “sell” from “neutral”. Property developer Quintain Estates slid as Merrill Lynch cuts its price target for the stock from 350p to 299p and maintains its “underperform” rating.

Port operator Forth Ports floated higher after Babcock & Brown European Infrastructure Fund raised its stake above 20%.

Nord Anglia confirmed it has received an approach at 450p per share in cash. After consultation with a number of shareholders, the board, which has been advised by Hawkpoint Partners Limited, has rejected the approach which it does not believe reflects the strong growth prospects of the company. Reports suggest the offer, worth £179.5m, came from Baring Private Equity Asia.

Property investor Dawnay Day Treveria is to undertake a strategic review to look at ways to reduce its discount to asset value and will consider a sale of all or part of the company

Independent oil & gas firm Regal Petroleum announced its first oil from the ERB-A-1X well in Egypt.

Shares in ArgentVive slumped after the e-commerce group said some of its activities are trading below budget as deputy chairman Charles Denton withdraws his interest of making an offer for the group.

A counter-bid for Taylor Nelson Sofres (TNS) from WPP Group could still be on the cards, though it does not seem to have done much for TNS’s share price.

FTSE 100 - Risers
Xstrata (XTA) 4,222.00p +2.80%
John Wood Group (WG.) 477.25p +2.58%
BP (BP.) 594.75p +2.41%
Tullow Oil (TLW) 919.00p +2.05%
Royal Dutch Shell 'A' (RDSA) 2,137.00p +1.91%
BG Group (BG.) 1,280.00p +1.91%
Man Group (EMG) 621.00p +1.64%
Royal Dutch Shell 'B' (RDSB) 2,087.00p +1.56%
BAE Systems (BA.) 457.75p +1.38%
Anglo American (AAL) 3,298.00p +1.32%

FTSE 100 - Fallers
HBOS (HBOS) 307.00p -7.18%
Barclays (BARC) 318.50p -5.70%
Royal Bank of Scotland Group (RBS) 233.75p -4.79%
ITV (ITV) 56.30p -4.74%
Persimmon (PSN) 428.75p -4.14%
Eurasian Natural Resources (ENRC) 1,325.00p -3.99%
Enterprise Inns (ETI) 425.50p -3.68%
Vodafone Group (VOD) 155.40p -3.57%
Alliance & Leicester (AL.) 364.50p -3.38%
Lloyds TSB Group (LLOY) 356.75p -3.12%

FTSE 250 - Risers
Informa (INF) 437.50p +13.27%
Petrofac Ld (PFC) 700.00p +9.72%
Drax Group (DRX) 707.00p +6.00%
Bradford & Bingley (BB.) 72.00p +3.23%
Venture Production (VPC) 923.50p +3.18%
Wellstream Holdings (WSM) 1,362.00p +2.64%
Benfield Group (BFD) 266.00p +2.60%
SSL International (SSL) 493.25p +2.55%
Soco International (SIA) 1,866.00p +2.13%
United Business Media (UBM) 618.00p +2.06%

FTSE 250 - Fallers
Barratt Developments (BDEV) 120.75p -14.21%
Quintain Estates & Development (QED) 304.75p -9.90%
Bellway (BWY) 541.50p -8.06%
Redrow (RDW) 197.50p -7.93%
Aga Rangemaster Group (AGA) 244.75p -7.20%
Mitchells & Butlers (MAB) 260.25p -7.14%
Capital & Regional (CAL) 251.75p -6.93%
Shaftesbury (SHB) 434.50p -6.31%
Yell Group (YELL) 102.50p -6.18%
JD Wetherspoon (JDW) 241.00p -5.86%

• News Channel