Capel is said to have reduced from pounds 3

Capel is said to have reduced from pounds 3.1bn to pounds 2.93bn for this year and from pounds 3.25bn to pounds 3.08bn for next. The stockbroker has, it seems, cut its profit expectations because of sterling's strength and a modest slip in margins. Cable and Wireless, another beneficiary through Mercury, put on 4p to 452p.Glaxo Wellcome managed a 6p gain to 944p despite sell advice from HSBC James Capel. Early gains were cut back and Footsie had to be content with an 8.2-point advance to 3,990.7 after at one time enjoying a 27.4 climb.Orange, the mobile phone group, dialled the right number, gaining 9.5p to 178,5p on the likelihood of improved revenue as it renegotiates its arrangements with BT. Other agreements are expected in the next few months.Shell put on 5p to 978p ahead of analysts' meetings today in London and in New York on Monday.The rest of the market struggled. It looks as though some institutions feel they are underweight ahead of the demerger and are quietly trying to strengthen their position in an unwilling market.Many believe the bid - if it does appear - will not materialise until after the break-up, which will leave one side supplying 20 million domestic customers and running the Morecambe Bay gas field and the other operating the pipeline network and the rest of the gas exploration and production business.The gas giant also, at last, seems to be getting in control of its hugely expensive take-or-pay North Sea gas deals The first settlement was with BP, costing pounds 293m.

British Petroleum, off 9p at 658.5p, is the latest predatory candidate.In February, just over 10 years after privatisation, Gas's institutional shareholders and army of 1.5 million Sids will vote on the plan to split the group into two - Centrica and BG plc. Takeover stories went the rounds; so did suggestions that the break-up value is nearer 300p a share. What was clearly apparent was that the market was short of Gas shares and relatively modest demand created an exaggerated advance.Still Gas has been under close scrutiny since Shell felt obliged to deny long-running rumours it intended to bid. Their attention fuelled a 14.5p gain to 233p, the best performance by any blue chip. British Gas may be Britain's most unpopular utility but it has suddenly discovered a few friends in the stock market. It just depends on what risk profile you want in your portfolio."Top clubs are pushing for an early introduction of pay-per-view to coincide with the next year's planned launch of digital television.. "Things get more speculative at the bottom end of the Premiership and in the First Division.

However, there are growing concerns that only the top Premiership teams will emerge as winners."The big clubs will always do extremely well as media earnings will go to the most successful clubs," said Mr Easthope. "The game in the UK has been under- capitalised and even the amount raised for football clubs so far is small, given it is the biggest sport in Britain."Investors are banking on what television mogul Greg Dyke recently described as the "untold riches" that await top clubs from the introduction of pay- per-view television as early as next season. Others to have signalled their intention to float include Newcastle, West Bromwich Albion and even Carlisle."Football is in vogue for a good reason," says Julian Easthope, leisure analyst at Swiss investment bank UBS. The warrants will give investors geared exposure to what it calls "this emerging sub-sector of the leisure industry".A total of eight football clubs, including Manchester United, which this entered the FTSE index of Britain's top 250 firms, currently have a Stock Exchange listing, either on the main market or on AIM.