Gilts
Gilts rose after lower equity markets encouraged investors to venture back into a recently cheapened market. A solid sale of 30-year US Treasuries overnight got the market off to a good start, while the break of resistance at 115.11 gave the gilt future an additional leg up to settle 48 ticks higher at 115.25.
Rumour of the day
Shares in CBG Group rose 3p to 46½p after certain members of the management of the insurance broker and financial services business based in Manchester bought shares. Rumour is that they may be on to something, with an upbeat trading update expected early next week. Some in the know also expect some more director share buying soon.
Deal of the day
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Big Yellow Group gained 2p to 343p after the self storage business disclosed that Cohen & Steers, a US specialist property investor, had bought up about 6.5 million shares in the group, taking a 5 per cent stake. Earlier this week the group issued a trading update in line with City expectations, although management remain cautious.
Bet of the day
Salt Union is the UK’s largest supplier of the rock salt used to grit the country’s roads. No surprise then that shares in Compass Minerals International, its US-listed parent, have enjoyed a good run of late, during the cold snap, but for how much longer? It traded at $71.14 yesterday. IG Index offers a price on Compass Minerals of $72.24-$72.40.
Tiddler to watch
Shares in Pinnacle Staffing Group soared 1p to 3½p after the specialist healthcare recruiter revealed it was conducting a strategic review of its operations to establish how best to deliver shareholder value. Pinnacle added the review could include looking for offers for the company, although there are no guarantees of any deal.