Gilts
Gilts fell as equities advanced and amid expectations that the Bank of England’s gilt-buying programme would end next month. A surprise drop in US retail sales pushed gilts briefly into positive territory but the move was not sustained and the March gilt future settled 24 ticks lower at 114.77, underperforming the equivalent bund.
Rumour of the day
Shares in Kcom were in focus amid huge volume. The rumour is that Soci?t? G?n?rale, one of the telecoms group’s largest shareholders, had sold almost its entire stake. Encouragingly for management, who are doing the rounds in the City, there were plenty of willing buyers, sending the shares up 2p to 48½p.
Deal of the day
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Transdermal Cosmetics was steady at 1½p on Plus Markets after selling, to a media buyer, $5 million worth of $100 million of American television advertising space that the company had bought for its own use. The cash will be used to fund the launch of Entre Derm, its anti-wrinkle cream, which is expected to take place in April across the Atlantic.
Bet of the day
Ladbrokes shocked the City this week after the bookmaker revealed the departure of Chris Bell, its chief executive, but who will replace him? John O’Reilly, its head of internet gambling operations, is the 11-8 favourite according to Paddy Power, with Brian Wallace, its finance director, at 12-1. Ralph Topping, the William Hill boss, is at 66-1.
Tiddler to watch
Shares in IPSO Ventures rose 6p to 54½p after it said its IPSol Energy business, a solar panel tester, had secured its first customer sales with Solarcentury, a solar panel provider, within only three months of being set up. Ambrian said the deal was encouraging as it helped to validate the group’s offering at an early stage.