THEIR LOWEST LEVEL SINCE NOVEMBER. HEAVYWEIGHT OIL AND GAS SHARES SUCH AS BP TRADED LOWER WITH OIL PRICES HOVERING UNDER $70 A BARREL. AIRPORTS OPERATOR BAA SHED 3.6 PERCENT. BRITAIN'S CONSUMER AFFAIRS WATCHDOG SAID IT WAS CONSIDERING LOOKING INTO THE UK AIRPORTS MARKET, NOTING BAA OWNS AND OPERATES AIRPORTS HANDLING 63 PERCENT OF AIR PASSENGERS BEGINNING OR ENDING THEIR JOURNEYS IN THE UK. "THE ANNOUNCEMENT WAS A COMPLETE SURPRISE TO THE COMPANY," BAA SAID IN A STATEMENT. SEPARATELY, THE COMPANY SAID IT IS WORTH MORE THAN 940 PENCE PER SHARE -- WELL ABOVE FERROVIAL'S BID OFFER OF 810P. ALSO AMONG THE LOSERS, MID-CAP LONDON STOCK EXCHANGE SHARES FELL ABOUT 8 PERCENT AFTER THE BOURSE SAID IT HAD NO NEED OF A TAKEOVER DEAL. ON THE UPSIDE, SUGAR AND SWEETENER COMPANY TATE & LYLE JUMPED 5.2 PERCENT AFTER IT POSTED A BETTER-THAN-EXPECTED 16 PERCENT RISE IN ANNUAL PROFITS AND VIEWED THE FUTURE WITH CONFIDENCE. THE FTSE HAS EXPERIENCED PARTICULARLY VOLATILE TRADE RECENTLY, FALLING ABOUT 8 PERCENT OVER THE PAST FORTNIGHT AS INVESTORS FRET ABOUT INFLATION, INTEREST RATES AND COMMODITY PRICES. ANALYSTS SAID THEY WERE KEEPING A CLOSE EYE ON THE INDEX'S 200-DAY MOVING AVERAGE OF 5,636 POINTS -- A LEVEL WHICH IT CLOSED BENEATH ON WEDNESDAY. "A TWO DAY CLOSE BELOW THIS LEVEL WOULD BE TAKEN AS THE END OF THE BULL RUN," SAID LAWRENCE PETERMAN OF STOCKBROKERS EDEN GROUP. TELENT SHARES TOPPED THE FTSE MID-CAP LEADERBOARD, JUMPING 10 PERCENT AFTER IT RECEIVED A BID APPROACH.
