In London on Monday, the FTSE 100 lost 16.6 points to close at 5,214.2 on profit-taking from recent gains, while the FTSE 250 was down 35.8 points, closing at 7,435.0. Three billion shares were traded on the day.

Anglo-Dutch steel maker Corus, whose shares have gained 120 percent in the last two years, lost 3.8 percent to 44 ¾p when Oriel Securities gave the company a “sell” rating and set a target price of only 25p per share on the stock due to declines in steel prices, the addition of capacity far beyond the growth in demand within the sector, and the continuing high cost of raw materials.

UBS, on the other hand, did not put a “sell” recommendation on Corus despite its evaluation that adverse factors in the sector could hurt the company. ITV was down as well, by 3.4 percent to 121 ½p on the news that a possible takeover bid had fallen apart due to concerns about ITV’s pension fund deficit.

Private equity firm Apax and Time Warner had been linked to the bid. On the positive side, fixed-line telecommunications group Cable & Wireless saw the value of their shares gain 2.4 percent to 147 ½p on the news that it has been talking with its smaller rival Energis about a takeover. Rumors of such a move have circulated for the past two years but have gained strength in the past month.