Despite Wall Street keeping its record-breaking run going today, the UK market struggled to make much headway.
The Dow Jones Industrial Average, after managing to break through its all-time high last night after several attempts, was still in uncharted territory by the time London closed, up another 47 points.
But the FTSE 100 could only manage a 29.4 point gain to 5966.5, held back by a poor performance from the miners and oil companies.
This weakness was due to another fall in metals prices - copper lost around 4% - and a drop in the oil price to its lowest level since February.
Crude fell below $58 a barrel at one point, after US oil inventory figures showed an increase in crude stocks of 3.3m barrels last week compared to forecasts of a 500,000 barrel drop.
Investors were also nervously awaiting a speech from Federal Reserve chairman Ben Bernanke due this evening, which will be scrutinised for any hints on the future direction of US interest rates. Friday's unemployment figures will also be key for market sentiment.
The drop in the oil price left Royal Dutch Shell 16p lower at 1713p, while exploration group Cairn lost 60p to 1776p. But BP edged up 1.5p to 570p despite the crude price fall and the company warning that production would be lower in the third quarter because of its problems in Alaska.
British Airways rose 16p to 450.25p as the benefits of lower fuel costs outweighed the impact of the increased security at airports on its premium travel business.
Among the miners, Kazakhmys fell 55p to 1053p, while BHP Billiton was 44p weaker at 870p.
Moving the other way was Vodafone, up 5p to 127.25p after yesterday's analysts and investor conference about the company's Italian and Spanish businesses. The visit sparked a number of upbeat comments on the company's prospects.
"The presentations will help build confidence in the near term trends, especially in relation to the larger Italian operation," said analysts at Cazenove. "Taken together with the clarification of Vodafone's new tariffs in Germany last week, near term earnings visibility has now improved."
Morgan Stanley set a 145p price target, saying: "With greater assurance that Vodafone is not seeing revenues and margins in Italy falling off a cliff, we expect the shares to continue to re-rate. We regard the shares as undervalued."
Dresdner Kleinwort was also positive, setting a 165p target and advising clients to buy the shares.
There was also vague talk, supposedly based on off-the-cuff remarks from chief executive Arun Sarin at the Milan meeting, that the company was interested in buying Italian broadband provider Fastweb.
Elsewhere, Tate & Lyle added 44p to 767p after Merrill Lynch upgraded its rating to buy with a 815p target, saying it expected the company to be able to implement double digit price increases in both 2007 and 2008.
The usual takeover suspects were again in demand. Steel maker Corus was up 15.25p to 407.5p, as the tale of a link-up with a Russian or Indian rival was reheated.
Pallet maker Brambles was also higher on bid speculation, 11.25p better at 494.75p, while Barclays rose 12.5p to 689.5p on suggestions Citigroup was interested in buying a European bank. Barclays was also said to be in the sights of Bank of America recently, it may be recalled. The shares were also bolstered by a buy recommendation from ABN Amro, with a 850p target.
Software group Northgate Information Solutions confirmed this morning it was in discussions which could lead to an offer being made for the company.
Analysts said a private equity company was the most likely bidder, with Shore Capital suggesting a takeout price north of 100p a share. Bridgewell analyst Kevin Ashton said a bid price of up to 115p was justifiable, and said there was hidden value in the company which could be released by selling its human resources business and focussing on its public sector operations.
At the moment the company has indicated it wants to expand its human resources business in Europe. But Ashton said a successful bidder for Northgate was likely to sell HR and invest the proceeds in buying another public sector business such as Anite.
Northgate shares added 6.25p to 94.25p while Anite was 4p better at 75.25p.
Property group Grainger Trust - which yesterday rejected a bid from rival Regis and Merrill Lynch - added 32.5p to 622.5p after an upbeat trading statement.
Publishing group United Business Media benefited from upbeat comments from Morgan Stanley. The shares climbed 28.5p to 682p after the investment bank's analysts said the company was overlooked and undervalued, and set a 745p target. It was still looking grim for investors in many online gaming businesses.
PartyGaming lost another 0.5p to 40.25p, leaving it vulnerable to eviction from the FTSE 100, while World Gaming fell 3.25p to 9.25p. But rival 888 was a bright spot, up 2.75p to 108p on talk that - unlike PartyGaming - it had no plans to stop paying dividends.
Serviced office group Regus slipped 3.5p to 102.5p as word went round that Dresdner was placing 25m shares at 102p each, representing 2.5% of the company, while hedge fund group Man edged down 3.5p to 436.5p on talk Morgan Stanley was looking for buyers for 22m shares.
Lower down the market, medical group Biocompatibles recovered 4.75p to 142.5p after yesterday's slump on news that US partner Abbott Laboratories was not going ahead with the company's treatment for clogged arteries.
Local Radio Company added 1.75p to 14p after it said it expected full year sales to rise 2%, compared to a 4% decline in the market for radio advertising. Broker Bridgewell put a sum of the parts valuation on the company of 47p a share, and recommended clients to be overweight in the shares. There have also been suggestions that UTV, having withdrawn its offer for rival television and radio business SMG, might pounce on Local Radio Company.
Finally, Dolphin Capital Investors climbed 1p to 96p as the real estate group, which specialises in properties in south east Europe, raised £202m with a placing at 93p a share. The new stock went to 12 existing institutional shareholders, including Goldman Sachs, and 12 new investors, Merrill Lynch among them.