Fund managers attracted attention following stories that Dresdner, the German bank owning Kleinwort Benson, was looking to buy a fund management company. Henderson Administration gained 32.5p to 1,277.5p and Mercury Asset Management 21p to 1,276p.Jacques Vert lost some of Tuesday’s exuberance following the Littlewoods link, falling 8p to 45.5p, but Verity, ahead of expected bullish comment on its new sound system, rose 4p to 33.5p.Pan Andean, the explorer, gained 3p to 62.5p on seemingly incorrect rumours a drilling statement was being prepared. The company, which is still examining data collected from last year’s dry well, is preparing its interim announcement, which could be encouraging.Kenmare Resources, which has found a rich gold seam at Niassa in Mozambique, firmed to 35p; there is talk of a cash offer from BHP, the Australian giant with which Kenmare has trading links.Wickes, the struggling do-it-yourself group, perked up a little as some took the view the rights issue, due to close soon, was attracting a good take-up. The ordinary shares put on 5p to 166.5p and the nil paid rights 5p to 16.5p. Schroders acquired 4 million shares, lifting its stake to 16.47 per cent.Critchley, an electronic component group, slumped 112.5p to 797.5p on the suspicion its margins were under pressure from the strength of sterling.Thomas Jourdan, the Corby trouser press mini-conglomerate, jumped 7.5p to 46p.

David Abell, who sold Suter to Ascot Holdings, hasbought 2.8 per cent; investors connected with Mr Abell have a further 1.7 per cent. The former Suter chief has denied he plans a bid for Jourdan.Taking StockMonument Oil & Gas jumped 8p to 80.75p. The shares, which normally change a copper at a time, were encouraged by a move into little-known Turkemenistan. With Mobil, the US giant, it will help develop the country’s flagging oil industry.

There are suggestions of huge oil stocks in Turkemenistan, with some talking of 6 billion barrels. One analyst calculated that if the reserves were 1 billion barrels it would be worth 35p a share to Monument.Fishers International, firm at 14p, is attracting attention. The loss adjuster and claims manager is believed to be trading well and should produce profits of pounds 1.7m last year with stockbroker Collins Stewart looking for pounds 2.5m this. In relation to other financial groups the shares are not expensive.. The aspect of the shadow Chancellor Gordon Brown’s speech earlier this week that got the least attention in the headlines could turn out to be the most important and distinctive contribution of New Labour to the management of the economy – namely its ambitious plans to restructure public spending. Tax pledges make the best tinder to feed the fires of the election campaign, so Mr Brown’s promises not to increase the basic or top rate of income tax and not to extend the VAT base – and whether these pledges meant taxes would have to rise in other ways – were the natural focus of interest in his speech. But Labour’s tax policy is dictated by two things: the unsatisfactory state of the public finances, and the fact that the Conservatives have successfully turned income tax rates into a political totem.