SmithKline Beecham was hit by skins US selling, falling 8p to 494p.British Petroleum rose 6p default to 435.5p on indications its Colombian html?lang=en oil reserves could be greater than indicated. The reorganisation at protein html?lang=en Shell lifted the shares protein 10p to 715p.Lasmo dipped 3p to 162p despite persistent rumbling that BHP, the Australian resources giant, plans to buy Enterprise Oil's 9.8 per cent default skins default krill stake and then krill bid for krill full control. Smith & Nephew, 1p higher at 170.5p, took on the mantle protein of healthcare bid html?lang=en victim, with protein Seaq printing skins a near- 13 million protein html?lang=en share volume.Medeva, which has romped ahead this month, dropped 8p to 207p as it skins default krill became involved in a skins legal confrontation in the US with BOC, the chemical group, up 11p to 707p. But Mr Gordon remained a passive investor, default unlike at Sun Life, where he led a campaign which gave him effective control.After lifting the stake in Sun html?lang=en Alliance, the Capital & Counties property group controlled by Transatlantic, settled a £240m krill joint venture row with the insurance group.

There were suggestions that his sharebuying was in fact aimed at concentrating minds on the legal wrangle rather than signalling a hostile bid for Sun Alliance.Fisons, moving head office from Ipswich to London, continued to attract speculative support, up 1p at 181p. Two years later they hit a 36p low.Sun Alliance held at 326p. Transatlantic Holdings, the South African- controlled insurer, has sold 750,000 shares, pushing its stake just below the notifiable 3 per cent level.When Transatlantic, run by the redoubtable Donny Gordon, lifted its interest above 3 per cent, it created quite a stir, with many wondering whether its muscle-flexing was the prelude to a takeover bid. The company has had a tough time, with its shares down from nearly 600p in 1990. Jupiter gained 16p to 418p.Attention turned towards Union, the old Union Discount, up 3p at 88p.

The financial services group has attracted the attention of a US investment house, which has built a 3 per cent shareholding. The unexpected German interest rate cut transformed the stock market. Shares were drifting lower in lacklustre trading when the Bundesbank decision came through. Within minutes a 10.6-point fall was wiped out and by mid-afternoon the FT-SE 100 index index was sporting a 43.3-point gain. Best levels were not always held, but even so at the close Footsie was holding a 33.9-point gain at 3,176.2. The German rate cut, of course, reduces pressure for increases in the UK and US and gives the dollar a much-needed breathing space.Swollen by bed-and-breakfast and PEP deals, trading was the highest this year, with more than 41,000 bargains completed and turnover put at 972.4 million shares.Again there were signs of some biggish programme trades, said to be related to year-end window-dressing.Government stocks recovered from disappointment over Wednesday's £2bn auction, scoring gains of up to a point.In such a heady atmosphere takeover speculation continued to play a leading role in share movements, with speculators seeking the next victims.The expected arrival of Commerzbank, the German group, at the fund manager Jupiter Tyndall kept nerves taut in the financial sector. About right until the fruits of the new strategy become clear..