It was a relatively subdued end to a drama-filled week in London's stock market. Investors continued to hold off from chasing the leading stocks, preferring instead to look for what is perceived to be better value in the mid and smallcaps.

At the finish of the session, the FTSE 250 was an impressive 63.0 up at 6,312.8, the Small up 20.3 at 2,971.3 and the Techmark 100 up 11.01 at 2,003.76.

Over the Easter-shortened week, the Techmark 100 has risen 125.91, or 6.7 per cent, the FTSE SmallCap 88.01, or 3 per cent, the FTSE 250 164.4, or 2.7 per cent, and the FTSE 100 113.2, or 2 per cent.

The midweek drama provided by the shock news of the fourth 50 basis points cut in US interest rates this year remained very much in the minds of investors on both sides of the Atlantic. But while US investors were keen to drive both the Dow Jones Industrial Average and Nasdaq Composite higher again overnight, there was a marked reluctance to buy the top 100 stocks in London.

There were no obvious reasons for the London market's lethargic initial performance, apart from a rumour circulating in the morning that a massive placing of shares in Vodafone was being lined up. The rumour depressed Vodafone's share price, despite being denied by Hutchison.

Adding fuel to the Vodafone fire was an incorrectly inputted share trade, which flashed up as 1.448 billion shares but should have read as 144,800 shares.

The day's domestic economic news showed retail sales in March were flat on the month. That should add to the chances of the Bank of England's monetary policy committee cutting rates again after its next meeting, scheduled for May 9th/10th.

Hopes for another reduction in UK rates have increased sharply this week, especially after publication of the minutes of the April 4th/5th meeting of the monetary policy committee, which showed that no fewer than three of its members voted for a 50 basis points reduction. Rates were cut by 25 basis points after that meeting.

Turnover in equities was 1.96 billion shares.