Late last year the company was busy buying in its shares at around 150p.Bluebird, the toys group which acquired its own shares at near to 310p in March, fell a further 9p to 212p. VideoLogic improved 12.5p to 86p as about Compaq said it intended to use its chips, developed with NEC, the Japanese group.Granada, figures soon, gained 13p to 828p as NatWest Securities about was said to have organised a switch out of Rank Organisation, down 6p at 533p.Rolls-Royce lost an early gain to close 1p lower at 220p following the link between US giants General Electric and Pratt & Whitney to develop engines for a new generation of Boeing aircraft. Telspec, an electronics equipment group, crashed 242p to 513p and Memory Corporation 37p to 133p. Eidos lost 35p to 823p on reports its video telephone about launch had been delayed. Lonrho lost 2p to 188.5p.Cautious trading statements took their toll. In the event Maiden had to be content with a 274p peak, closing at 271p.CA Coutts, producing promotional materials, closed at 118p from a 105p placing and about Tom Hoskins, the remnants of the old Hoskins Brewery which used about to have a USM presence, returned to quoted life at 56p.

The Leicester- based brewery, once the subject of bitter shareholder struggles, now has 11 pubs and two discotheques.Gold shares were unsettled by the latest political uncertainty in South Africa with Vaal Reefs, for example, off nearly pounds 3. There were hopeful thoughts it could cross 300p from the 220p issue. They soared to 633p, closing at 628p, leaving Kleinwort exposed to claims it completely misjudged the market's appetite.Vanguard was, as is so often the case these days, out of bounds to most small investors until dealings started.With one stockbroker, thought to be Greig Middleton, said to be banking on the shares going to pounds 19, demand was understandably high.Seaq printed turnover at 5.8 million shares with, it is understood, none of the company shareholders selling.Maiden, the outdoor advertising group, had, by contrast, a disappointing session, although comfortably outstripping its flotation price. Waters were encouraged by thoughts they had been so overshadowed by the electricities that, despite the Government's shilly-shallying, there was still room to bank on the appearance of more overseas predators.It was enough to lift Severn Trent, drifting not far above its year's low, 16.5p to 584p and others by a few coppers.The FT-SE 100 index, after five sessions in ragged retreat, managed a 21 points gain to 3,728.3, with lower interest rate hopes creating much of the interest.New issues showed the stock market was very much alive and well or, if you are of a cautious disposition, riding for a dramatic fall.The performance of little known Vanguard Medica, a Guildford-based pharmaceutical group which has a migraine treatment, provided the day's outstanding action.Placed at 450p by Kleinwort Benson the shares were expected to enjoy a healthy premium - say 30p. After a decidedly bleak start to May, shares managed to perk up with the inevitable "friendly" takeover speculation creating ripples of excitement. Few believed the stories but such sensitive areas as insurances and waters were happy hunting grounds for brave souls, still smarting from their power setbacks and the failure of Lucas Industries to move into firm takeover territory. General Accident led the insurance pack higher, up 21p to 651p in busy trading with talk of a continental bid once again going the rounds.

But after pounds 43m of exceptional charges connected with the takeover and a sharp rise in interest payments to pounds 30m, pre-tax profits rose by a more modest 8 per cent to pounds 435m.Mr Robinson said the restructuring of Manweb involving 1,600 job losses between March 1995 and March next year was ahead of schedule, with annual savings set to exceed pounds 80m.A buyer is being sought for Manweb's Chester headquarters, which was built to accommodate 1,400 people, actually housed 700 before Scottish Power took over and will now need a staff of just 75.Scottish Power played down the prospect of buying another Rec, however, saying that the few remaining independent Recs commanded a high premium while the regulatory position on onership had beome unclear.Sales in developing businesses - retail, telecoms and gas - increased by pounds 53m to pounds 273m.. It also plans an aggressive attack on the domestic gas market when it is liberalised in 1998.Mr Robinson was speaking as Scottish Power unveiled a 25 per cent rise in underlying operating profits last year to pounds 477m and pledged to increase dividends by 7 to 8 per cent a year in real terms, compared with a previous target of 5 to 6 per cent. The payout for the year was increased by 13.6 per cent to 15.5p.Manweb, the regional electricity supplier for Merseyside and North Wales, which was acquired in October, contributed pounds 80m in operating profits. It is aiming for 10 per cent of the Scottish telecoms market by 2003. In particular, Scottish Power intends to exploit its customer base, which has risen to three million with the takeover of Manweb, to expand its telecoms and gas supply businesses.