Gilts
Gilts edged higher after a Portuguese bond auction failed to dispel worries about peripheral eurozone debt and polished the credentials of less risky government bonds.The June gilt future settled 13 ticks higher at 116.27, ahead of the equivalent German bund contract. In the cash market, ten-year gilt yields dipped 1 basis point to 3.75 per cent.
Bet of the day
Spread-betters were nibbling at JD Wetherspoon at 421¾p in advance of results for the first half of its year tomorrow. Although profits are likely to be flat, most recent trading is tipped to be more encouraging. The 25 analysts covering the shares have an average target price of 473p on them and nine advise “buy”. Capital Spreads quotes 420.5p to 422.6p.
Deal of the day
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Canny traders kept an eye on Ferrum Crescent, the South African iron ore miner chaired by Ed Nealon, the man behind Aquarius Platinum. Although shares dipped ½p to 16.375p, the word was that Ocean Equities, its broker, had placed 17 million shares with 20 London fund managers via Ferrum’s Australian listing. The 6 per cent stake belonged to an original investor.