Hugh Osmond's APR Energy blows a fuse Analysts were also disappointed by the recent low level of orders from customers. "Until the order intake accelerates, visibility on 2013 increases and the uncertainties associated with the delay in results are removed, the shares are likely to come under pressure," said Peel Hunt. People close APR Energy blamed the delay on the difficulty in converting company figures from US GAAP (American accountancy rules) to IFRS (the UK accountancy framework). "Management underestimated the time it would take to do the audit," according to one source. APR shares plunged 216 to 884p. Overall, the FTSE 100 and FTSE 250 pretty much marked time as yesterday's Budget failed to produce much that surprised London traders. The FTSE 100 edged up 0.54 points to 5,891.95 while the FTSE 250 ticked up 23.51 points to 11,656.75. J Sainsbury rose to the top of the leaderboard, climbing 13.8 to 319.3p, following its fourth-quarter trading update. The retailer reported sales growth that beat some analysts' expectations. Elsewhere in the retail sector, Marks & Spencer perked up 9½ to 389½p and Wm Morrison added 4.3 to 304p. Builders' merchant Wolseley was another strong blue-chip performer after Credit Suisse upped its target price to £28.50 from £24.00. Analysts at the broker said: "The majority of the group EPS [earnings per share] upgrade is related to an increase in our forecasts for the US." The shares rose 65p to £25.58. Vodafone benefited from Goldman Sachs placing the stock on its "conviction buy" list amid speculation that the US-based telecoms giant Verizon Communications may be considering a takeover of the London-listed company, which ticked up ½ to 171.3p. Glencore International advanced 1.9 to 415.7p despite Moody's saying it is now "uncertain" about the mining group's debt rating having previously had it on review for "upgrade." The move comes after Glencore's multi-billion pound acquisition of Canadian grain trader Viterra. The leaderboard, though, was dominated by defensive stocks. Some dealers positioned themselves for a general sell off following strong gains since the beginning of the year. Water company Severn Trent moved 19p higher to £15.77 while Imperial Tobacco put on 64p to £24.90. Pumps manufacturer Weir Group was the biggest faller, sliding 123p to £18.59, following a profit-warning by US oil services giant Baker Hughes. "It's the Baker Hughes story that is doing the damage for Weir, particularly the comments on its pumps business," said one trader. Baker Hughes said its pressure pumping business is seeing lower pricing and raw material shortages. Oliver Wynne-James, an analyst at Panmure Gordon, said: "The Baker Hughes warning hastens the rolling over point for Weir's pressure pumping equipment business and raises the prospect of delivery deferrals and margin attrition. Other profit warnings in the shale gas space should follow and this suits the substantial short position that has been built up in Weir. Among the mid-caps, Ocado was sent 4½ lower to 121.9p as Panmure Gordon reiterated its "sell" recommendation on the shares. Philip Dorgan, an analyst at Panmure Gordon, argued the shares have been squeezed "too high." Estate agent Savills dipped 9.2 to 373p. The shares were dragged lower following yesterday's announcement that the Government plans to impose a 7pc transaction tax on property sales of over £2m. "It might not have been unexpected but the stamp duty news is still a blow to Savills, with the firm big in high value house sales," said one trader. Debenhams climbed 1.7 to 78.3p as Citigroup upgraded the stock to a "buy" because the shares are trading at 20pc discount to the rest of the sector but still providing a decent dividend yield. Bovis Homes was chased higher thanks to positive broker comment. Although UBS retains a "sell" rating on the stock, the broker raised its price target to 465p. The shares rose 15.6 to 508½p. Hardy Underwriting leapt 71¾ to 276¾p as it emerged that the Lloyd's of London insurer had received a knockout £143m takeover offer from US-based group CNA Financial. CNA, whose primary business is to provide commercial property and casualty insurance to businesses and professionals, is offering 280p a share in cash for every Hardy share. The offer has been recommended by Hardy's board. Hardy effectively put itself up for sale in December after being hit hard by a string of natural disasters last year, and had received approaches from rivals including London-listed Beazley. However, yesterday Beazley said that following the announcement regarding CNA's offer "it is no longer in discussions with Hardy and has no current intention to make an offer for the company." Beazley shares rose 3.4 to 142.4p. Industry sources thought it highly unlikely Hardy would receive a rival offer from another insurer following CNA's 280p bid. One said: " This looks a full price to me...I would be surprised if it [CNA's takeover offer] got trumped."