The last week has seen the FTSE 100, the index of leading UK shares and indicator of stock market performance, trade around the key 5,000 mark, closing below the psychologically important level one day, only to bounce back the next.

Volume was low in advance of last Thursday's interest rate announcement and the market breathed a collective sigh of relief when the base rate was left on hold once again at 4.75 per cent.

Speculation has also been intensifying that the General Election may be called sooner than the widely expected date of May 5 and, if it proves true, we will undoubtedly see attention deflected away from the markets.

Turning to individual issues, ICM Computers, the provider of computer-based business services, has had an excellent year, rising 51 per cent. As you can see from the graph, the rapid rise has steadied of late, but the interim results, announced on March 7, showed good levels of cashflow, stable operating margins and a four per cent hike in the dividend.

Earnings growth was strong, as a result of strong sales at the support and business continuity divisions.

In addition, forward visibility was good, with £22.6 million of revenues already committed for the second half of the year. Analysts at Evolution subsequently raised their expectations for earnings for 2005 and recommend them as an "add" with a 435p price

target.

Tesco has continued to extend its advantage over Morrisons and the other supermarkets, with data from market research company Taylor Nelson Sofres showing that Tesco sales grew 12.9 per cent over the four weeks to February 27, compared to 9.8 per cent in the previous period and industry growth of 3.2 per cent overall.

Tesco has marched ahead due to the expansion of its non-food range, which it has now extended to stand-alone non-food stores.

Four sites have already been identified, while up to a further 200 potential sites are being considered.

Morrisons, meanwhile, is soldiering on with the conversion of the old Safeway stores to the new Morrisons format.

It is hoped that the uplift in sales seen when the stores are converted will feed through to lift Morrisons' market share.

Asda, in particular, disappointed. Over the period, it achieved its worst growth on record of only 2.2 per cent.

Banco Santander (SCH) has announced that it is going to begin rebranding the Abbey branches to SCH's red flame logo in May, before the current exercise of rebranding the old Abbey National branches to Abbey is complete.

The refurbishment will cost in the region of £9 million and comes as SCH begins the relocation of 25 per cent of Abbey branches.

The aim is to move the branches to more profitable locations in better areas within the same town, not to close them.