Smaller stock to watch
SHARES in Tibbet & Britten Group surged 19 per cent to 584½p after the small-cap logistics player admitted that it was the subject of a possible £300 million bid, believed to be from Exel, the FTSE logistics company. But Tibbet is unlikely to go down without a fight, pointing out again yesterday that its current trading is ahead of last year’s levels.
Directors’ dealings
SHIRE Pharmaceuticals Group, the FTSE 100 constituent, firmed 2½p to 495½p after the company announced that one of its non-executive directors, James Grant, had invested £39,505 exercising 31,859 options. The options, with a £1.24 strike price, were due to expire on June 26. The exercise has generated a £118,356 paper profit for Mr Grant.
Bet of the day
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A FALL in the number of unemployment benefit claimants in May is expected to be revealed today. A fall of more than 6,000 would stoke fears of further interest rate rises and could strengthen the pound. CMC Group offers a spread of $1.8062 to $1.8072 on where the pound will stand against the dollar on September 14. Last night it traded at around $1.828.