In London on Wednesday, the FTSE 100 was up by only 0.1 percent to 5,365.9, while the FTSE 250 gained 0.7 percent to close at 7,850.3. The FTSE 250s closing level was another all-time high.

There were gains a wide variety of sectors on the day. Property group Savills gained 16.3 percent to 849p. Taylor Woodrow was up 3.3 percent to 326¾p on speculation that it could gain contracts to rebuild houses in the area affected by Hurricane Katrina as well as on rumors that it could be a takeover target of housebuilder George Wimpey.

Chemical group BOC gained 1.3 percent to £11.24 on rumors that BASF might soon bid for it. GlaxoSmithKline was up 1 percent to £13.69 on the purchase of ID Biomedical of Canada for £800 million. Also in the pharmaceuticals/health care sector, Boots added 1.3 percent to 631p on speculation that it might sell International Healthcare to GlaxoSmithKline.

Accountancy software firm Sage was up 2.9 percent to 232¾p. Electrical retailer Dixons gained 0.8 percent to 115¼p. British Land advanced by 1.7 percent to 914p.