After a weak of turmoil in British equity markets, accompanied by heavy profit-taking, London's dealers were happy to see the week end with in a gentle drift. With many traders taking the day off to celebrate Yom Kippur, and also anticipating a quiet Monday because US markets will be closed for the Columbus day holiday, the FTSE 100 index traded within a narrow range all day.

The blue-chip index ended a net 9.5 up at 5,227.3, a fall of two per cent over the week.

The FTSE 250 index ended the day up 9.7 at 4,874.3, virtually unchanged on the week, and the FTSE SmallCap index moved forward 2.6 to 2,378.7, marginally firmer over the week. Turnover by 6 p.m. was 700 million shares.

The varying fortunes of the three indices reflected the international nature of the market moving events.

First, Mr Alan Greenspan, chairman of the US Federal Reserve, warned for the second time within a year of over-enthusiasm in the markets.

This was followed by a rate increase in Germany, which took a further 44 points off the Footsie.

However, the falls were muted compared to the weakness in some other European bourses. The technical reason behind the comparative calm in London's equity market was the imminent arrival of order-driven trading.