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Within the North Index Portfolio, shares in Darlington-based care home operator Southern Cross fell 65% to 5.6p after it announced that sales talks had ended and it may face breaching its bank covenants, while those of Hargreaves Services added 1.7% to 960p.

Taking the less dominant deputy chairman role, Jones hands over the reins of a company which has seen its stock leap from 495p last year to 960p yesterday.

The biggest Footsie risers were RBS up 18.2p at 247.6p, Polymetal International ahead 60.5p at 887.5p, Vedanta Resources up 57p at 960p and Evraz ahead 15.1p at 270.8p.

Rival housebuilder Bellway also moved lower over the day to close at 960p. Elsewhere, Northern Rock confirmed that it has received a number of offers for the business which it will review.

Seymour Pierce retail analyst Richard Ratner said: 'This is a very good performance - young fashion has been a very strong sector.' The shares closed up 60p at 960p.

Last night, Bookham dropped another six per cent to 960p, making it the favourite to fall out.

The biggest Footsie risers were CRH up 67p at 1343p, Vedanta Resources ahead 57p at 1312p, Weir Group ahead 82p at 2051p, and IMI ahead 33.5p at 960p.

At the current price of 960p, we believe the shares offer good value in a sector that is certainly under pressure on the domestic front through the consumer's exposure to both secured and unsecured debt.

From a close on Monday of 960p the price touched 888p yesterday at the session low.

It marked a new low for the shares which had reached a high of 960p last April.

Barclays, which posts figures tomorrow, dropped 4p at 624p and HSBC dipped 11p to 960p following an 18% surge in half-year profits of pounds 6.7bn on Monday.

Telecoms equipment group Bookham Technology - expected to be relegated from the Footsie this week - continued to take a battering, down 67p at 960p, while Marconi fell 15p to 720p.