Smaller stock to watch
CLINTON CARDS, the retailer, rose 6p to 247p after an upbeat broker’s note from Evolution Beeson Gregory. The broker upped its price target from 240p to 275p, and maintained its “buy” rating, saying that “the vibes are fine” as the company comes to the end of its half year. In May Clinton Cards said that like-for-like sales were up 4.3 per cent. The broker believes the trend is continuing, which should help the company produce pre-tax profits of over £30 million.
Directors’ dealings
SLY BAILEY, chief executive of Trinity Mirror, yesterday bought 10,000 shares in the newspaper group for 481p each. She was followed by Vijay Vaghela, finance director, who acqured 5,000 at the same price. The purchases follow the unveiling of Mrs Bailey’s strategic review on Thursday, which concluded that costs would have to be cut by £25 million annually, and the group’s Irish titles sold.
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Bet of the day
PADDY POWER, the bookmaker, is looking at the relationship between television and football after the sale of BSkyB’s Chelsea stake to Roman Abramovich. The bookie is taking bets on which of BSkyB’s football interests will next be sold and has Sunderland at 5-4, Leeds at 2-1, Manchester City at 5-2 and Manchester United at 3-1. BSkyB is an associate company of The News Corporation, parent company of The Times.