31.   The share of profits was able to rise quickly because real wages did not need to grow in line with productivity.

32.   Also investment trust shares may be less marketable or liquid than others, as they are not actively traded by institutional investors.

33.   How are the shares to be distributed?

34.   If gamma shares are not liquid and tradeable, then pricing efficiency will be extremely poor.

35.   As shares were being sold this drove their price down, so portfolio insurers sold futures to protect the value of their portfolios.

36.   I would say ICI shares are now cheap again.

37.   Also declining were shares of companies the government once owned but that the Conservatives sold off -- railroads, water companies, power companies and other utilities.

38.   Also expected to be active are shares of Time Warner Inc.

39.   Also falling were shares in VA Stahl AG, a maker of steel products for the automotive and household appliance industries.

40.   Also lower were shares of food and communications companies.