Gilts
There was choppy trading in the final hours of the first quarter of 2011, with the June gilt future settling down 14 ticks at 117.17 — its weakest close since March 10 and more than half a point off a session high of 117.68. Ten-year gilt yields were just over one basis point higher on the day at 3.69 per cent, while two-year yields were up three basis points at 1.35 per cent.
Deal of the day
Shares in Falkland Oil and Gas rose 11p to 90p after saying that BHP Billiton’s petroleum arm is exiting its 51 per cent interest in its northern licences, giving it full ownership. As part of the deal, BHP will also deposit an unspecified share of costs towards drilling the Loligo prospect in an escrow account, in return for the right to buy back in to the project.
Tiddler to watch
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Shares in AIM-listed Environmental Recycling Technologies soared 1¼p, or 28.3 per cent, to 5¼p yesterday but could still be worth keeping an eye on if the rumours are true. Talk in the Square Mile has it that the plastics waste recycling business has received a takeover approach pitched at about 7p per share from a mystery German predator.