In London on Friday, the FTSE 100 fell 0.2 percent to 5,345.8, but it saw a gain on the week of 0.6 percent. Meanwhile, the FTSE 250 gained 0.1 percent on Friday to close at 7,705.8, notching an 0.3 percent gain on the week. Trade volume for the day reached 2.4 billion shares.

Mobile phone group O2 traded 130 million shares on the day, gaining 2.8 percent to a record high of 149 ½p on rumors that a consortium might offer 175p to 180p per share for the company. Rumors of takeover bids have centered on Dutch group KPN, Telefonica, and Deutsche Telekom, but all the named companies have disavowed the reports.

British Airways lost 0.8 percent to 290p on their need to cancel flights due to a dispute with contractors at Heathrow airport.

Oil shares fell despite continuing advances in the price of crude oil. Royal Dutch Shell “B” shares declined by 1.1 percent to £19.23. Meanwhile, oil exploration company Burren Energy lost 7.5 percent to 756 ½p on the news that it has agreed to reduce its stake in the M’Boundi oil field and exploration rights to the Kouilou permit are in the Congo, trading 10 percent of its 35 percent interest in the concern to SNPC, the state-owned oil company in the Congo, for $35 million. Oriel Securities cut Burren’s rating to “reduce” on the appearance that SNPC was getting the concession at a discount.

Fund manager Schroders gained 2.3 percent to 898.5p on reports that it will raise over $370 million in association with China’s Bank of Communications for the first fund of their joint venture in asset management.

In Europe on Monday, the FTSE Eurofirst 300 lost 0.3 percent to 1,160.62. The electronics sector had a bad day as Infineon was down 1 percent to €8.33 on news that one of its executives had been forced to resign amid accusations of corruption.

STMicroelectronics fell 1.6 percent to *14.53. Dutch firm Philips declined by 2.6 percent to €22.07 on a report that its second quarter profits were down by over one-half.

The automobile sector saw gains, however, as Fiat gained 1.1 percent to €6.50, while Porsche advanced by 2.4 percent to €673.50 as it announced its best first-half results ever. The Greek Athens General Index had a much better day, rising 1.7 percent to 3,171.55.

Gaming group Opap was up 4.8 percent to €22.50 after the government announced a sale of 52.45 million shares, 16.44 percent of the company, at €24.14 each.

Meanwhile, telecommunications company OTE gained 2.5 percent to €16.26 on news that the company, which is mostly owned by the Greek government, is getting ready to sell 13 percent of its shares, 9 percent of which will be publicly offered, with the remaining 4 percent being placed with OTE’s pension fund.