FTSE ends week in a whimper

The FTSE 100 Index weakened towards the end of the session today as poorer-than-expected job figures in the United States cast a cloud over markets.

Investors saw the Footsie push 25 points ahead by mid-morning, before easing during the latter stages of a grim session for corporate and economic news.

Only a disappointing non-farm payroll report in the US generated much in the way of interest as the UK top flight index closed 0.2 points higher at 4698.9.

Strong gains by pharmaceutical stocks – following falls in recent days – at least kept the Footsie in positive territory with Shire Pharmaceuticals rising 5.75p to 518.25p and GlaxoSmithKline adding 24p to 1175p.

Among other risers, Reuters gained 11.5p to 346p after a leaked internal memo pointed to growth in 2005 for the news and information group.

And in a session with few emerging trends, hedge fund group Man lifted 3% or 35p to 1397p as it remained the subject of takeover speculation.

Man was beaten to the top of the Footsie risers board by Reckitt Benckiser following a rise of 52p to 1390p for the consumer products group.

Oil giants BP and Shell spent much of the session in positive territory but a slight easing in the cost of a barrel of crude in New York meant BP closed 3p lower at 551.5p and Shell dipped 1.25p to 421p.

Media group Reed Elsevier was also heading south after a broker downgraded its price target for the stock. Shares fell 7p to 501p.

British Airways also fell 2.25p to 206.5p after announcing it was increasing fuel surcharges on both long and short-haul flights.

Outside the top flight, washroom specialist PHS disappointed investors in the wake of a trading update forecasting an 11% rise in profits. Concern over margins caused PHS shares to fall 5% or 4p to 72p.

The update had a bearing on fellow office services group Rentokil Initial, which was down 1.25p to 153p in the FTSE 100 Index.

Elsewhere, Luton airport owner TBI came in at the top of the FTSE 250 Index after reports said investors were pressing for a break up of the group. Shares rose 7% or 4.5p to 73.5p.

And logistics group Christian Salvesen added 2% or 1.25p to 62p following its statement that half-year results would be in line with expectations.

Engineering group GKN weakened 4.25p to 216p after confirming plans to return cash to shareholders following the sale of its stake in helicopter maker AgustaWestland.

And among other developments, the listed securities market Ofex fell by 13% - down a penny at 6.75p – as shareholders digested the impact of a placing of shares at a discounted 5p.

The biggest Footsie risers were Reckitt Benckiser up 52p at 1390p, Reuters ahead 11.5p at 346p, Man Group up 35p at 1397p and Capita Group ahead 8.25p at 349.25p.

The biggest fallers were Sage Group down 3.5p at 173.75p, Scottish & Newcastle off 7.5p at 376p, ICI down 4p at 220p and Tomkins off 4p at 267p.