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Gilts — Bet of the day — Tiddler to watch
The Times
The Times

Gilts

Gilt futures settled sharply higher, though well off session highs, after the highly anticipated emergency Budget produced no surprises and gilt issuance was cut by no more than expected. The September gilt future settled 56 ticks higher at 119.94, in line with the equivalent German bund. In the cash market, ten-year yields fell six basis points to 3.45 per cent.

Bet of the day

Spread-betters were buying DSG International’s share price of 27.42p ahead of annual results tomorrow. The owner of Dixons is expected to have notched up profits of as much as £90 million, against £50.5 million in the previous year, having enjoyed a sales boost from the World Cup. Spreadex offers a September spread of 27.44p to 27.72p.

Tiddler to watch

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PetroNeft Resources shares rose ¼p to 39¼p on AIM before its annual meeting for shareholders today. Investors were expecting confirmation of the successful test of its newly laid pipeline across its Licence 61 in the West Siberian oil and gas basin. That should pave the way for the start of commercial oil production in the autumn.