Gilts
Gilts eased amid expectations that Opec would lift output to compensate for any lost oil exports from Libya. That buoyed shares in Britain, across Europe and in America and saw the June gilt future settle 32 ticks lower at 116.14, underperforming the equivalent German bund contract. In the cash market, ten-year gilt yields rose four basis points to 3.76 per cent.
Bet of the day
Spread-betters were nibbling on Home Retail’s share price of 208½p ahead of a trading update on Friday. That earnings on the high street are under pressure was underlined by Monday’s dismal retail sales figures, but punters still bought the owner of Argos and Homebase on weakness. Spread Co offers a price on Home Retail of 208.15p to 208.65p.
Deal of the day
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GlobeOp Financial Services rose 2.4 per cent to 420p on AIM after 18.9 million shares, more than 20 per cent of the company, changed hands. Espírito Santo, broker to the provider of back office services to hedge funds, handled the business. TA Associates, a private equity firm, trimmed its stake in GlobeOp to about 5 per cent, with City investors taking its shares.