A rebel shareholder was today successful in forcing the resignations of four directors at struggling photo booth firm Photo-Me International.

Shares in photo booth manufacturer Photo-Me International plunged today after the group issued a profits warning for the year.

The FTSE 100 Index overcame a tentative start to move back within touching distance of the 5800 barrier today.

Retailers in the UK ran for cover today after a gloomy Christmas update from Waterstone’s owner HMV cast a shadow over a clutch of mid-cap firms.

Around £150m (€218m) was wiped from the value of Photo-Me International today after the photo booth operator warned it would miss profits hopes.

A late rally in New York today helped the London market shrug off the weakness that hit its performance last week.

With no major UK companies reporting results this week, the spotlight will move on to the FTSE 250 Index and give the minnows a chance to shine.

The benchmark FTSE 100 Index remained above its opening mark today having clawed back almost all of yesterday’s losses.

London shares continued to drift lower today as investors’ eyes turned towards George Bush’s attempts to revive confidence in the US.