More than 35 million Kidde shares changed hands.Corus was the most heavily traded stock on the exchange as 887 million shares changed hands. Kidde dropped 8p to 154.75p as investors feared that the takeover offer from United Technologies was in danger of failing. Investors fear that the update could contain a profit warning. Back in October Avis complained that it was struggling to deal with weakening sales.

Retail analysts believe that this year will not be a good one for the sector with sales at the likes of FC, House of Fraser, off 3p to 108p, and Marks & Spencer, 2.25p weaker at 335.5p, likely to be some way below those achieved last time around.Meanwhile, Avis Europe hit a fresh all-time low of 55.25p, down 2.75p, ahead of tomorrow’s trading statement from the car rental giant Dealers reported heavy hedge fund activity. FC dropped 18.75p to 221p, a level last seen at the start of 2003. Analysts were not so sure but A&L stock lost 22.5p to 878p in heavy trading.
French Connection also came under the attack of bears as they bet that the fashion retailer is likely to have a disappointing Christmas. Among blue chips, Alliance & Leicester was targeted by bears who spread rumours that today’s trading statement from the mortgage bank will be downbeat and could contain a profits warning. Short sellers certainly had a great time of it yesterday as a plethora of bearish stories circled the Square Mile and sent share prices tumbling.

What’s more, even after funding all this growth and keeping dividend cover at two and half times earnings, there’s still room for a £750m buy-back with the implied promise of more to come.After the d?cle of the failed attempt to enter the bidding for Abbey National, the focus has returned firmly to organic growth, where HBOS is already demonstrating impressive headway in current accounts and other traditionally weak, non-mortgage areas of banking. What happens thereafter, when these growth opportunities become exhausted, is a question for another day.jeremy.warner independent.co.uk. This should keep Mr Crosby fully employed for at least the next two years. In the end the Government had virtually to give the water authorities away to get investors to buy They’ve been laughing all the way to the bank ever since. It seems that little is about to change.HBOS revitalisedJames Crosby, chief executive of HBOS, has had quite a struggle convincing the stock market that his strategy for growth is one that is capable of delivering value for shareholders.

Margins are better than expected despite the drive for greater market share, cost increases are coming in well under target, and profits before tax this year will exceed consensus forecasts. Now finally he seems to be making some headway in persuading the City he deserves better.Yesterday’s trading update made particularly encouraging reading. For years now, his shares have limped along on an unflattering single digit earnings multiple. The generous dividend is one reason and while UU may plead that it needs to reward investors to raise capital, the balance still looks to be out of kilter. Water privatisation was one of the biggest City steals of the modern age, and there have been many of them.

The national regulator does not have to comply but in the past the OFT has co-operated.Moreover, John Vickers, the OFT chairman, when talking about Deutsche B?’s previous attempt to merge with the LSE in 2000, saw some merit in passing such a case to Brussels if requested. The appearance of frosted pine trees, Santa and a riot of tinsel, glitter and fairy lights might make it look like the West’s favourite season, but do not be fooled. This is an example of what happens when you graft an essentially Western religious festival onto a rich Eastern country, where less than 1 per cent of the population is Christian.Japanese chocolate makers, jewellers and hoteliers have re-branded Christmas into a kind of Valentine’s Day with bells on. Hyped by television, which features tales of romantic alliances transformed by the “miracle” of Christmas, this is now the time of the year when it is uncool to be without a date.