Instore, owner of the Poundstretcher stores, which issued a warning over dwindling sales in January, was up 1.65p at 9p after both its major shareholders increased their stakes, sparking speculation they could take the long-suffering retailer private.
Christo Wiese’s South African vehicle Tradegro raised its holding to 35.8 per cent, while Abdul Aziz Ayub, the Leicester food entrepreneur, moved on to 30.8 per cent.
Bermuda-based Omega Insurance Holdings became the latest Lloyd’s insurer to receive bid approaches. It rose 17p to 168p after it said it was in takeover talks with “a number of parties”. Heritage Underwriting Agency, steady at 115½p, said in January it had received approaches, while Japan’s Millea has agreed to acquire Kiln, down ¾p at 147¾p, for 150p a share.
Leed Petroleum was flat at 39¼p despite an update saying reserves at Eugene Island in the Gulf of Mexico would be a third higher than thought.
Titan Europe, the maker of tractor wheels, gained another 19¾p to 159¾p. Brewin Dolphin’s Jon Lienard said the bid was likely to be from US parent Titan Inc, which has a 17 per cent stake, and could be around 180p to 200p a share. Terex, the US dumper truck maker, is another potential predator.
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Charles Stanley began coverage of Radicle Projects, the Australian timber, olive groves and vineyards investor, which the broker has given a 100p price target. It believes the stock, steady at 57p, will benefit from carbon credits now Australia has signed up to the Kyoto accord.
Celsis International, the laboratory services company, was up 9p at 181½p on a strong trading statement. Numis set a 265p target.
McBride, the supplier of private label home-care products, fell 17p to 84½p after it blamed deteriorating profitability on “unprecedented increases in our raw material costs” that it had not yet been able to pass on to customers.