Gilts

Gilt prices were buoyed by weak consumer confidence data in the US and bargain-hunting after a week of losses. Prices were hurt this week after hawkish inflation forecasts by the Bank of England. The June long gilt future fell 52 ticks to 107.63, in line with the equivalent bund. Yields on ten-year benchmark gilts fell seven basis points to 4.77 per cent.

Rumour of the day

UBM, formerly United Business Media, rose 4½p to 61p on the hope of a buyout bid. CBS, the US broadcaster, bid a 45 per cent premium this week for CNET, a technology and gaming news website. UBS believes that this raises the value of UBM’s tech magazine arm and that private equity could bid 660p for the entire group.

Deal of the day

Mehmet Dalman, the hedge fund manager and non-executive of Eurasian Natural Resources, has revealed that he sold £2 million of shares in the miner of ferrochrome and iron ore at £14.73 on Thursday, a day after it walked away from its bid for Kazakhmys. Mr Dalman bought in December at 597p each. ENRC shares lost 12p to £14.44.

Bet of the day

Marks & Spencer rose 13¼p to 415p before annual results on Tuesday. It is possible that a £1 billion profit will be achieved, although this would not represent much progress. Since its profit warning in January, the shares have dropped from 560p. Could Sir Stuart Rose have good news? Cantor Index offers a June contract-related spread of 407p-409.1p.

Tiddler to watch

Gulf Keystone Petroleum, the explorer in Algeria and Iraq, lost ¼p to 30p last year after Royal Bank of Canada, its broker, began coverage with a 12-month, 70p target. The Algerian Government scuppered a 74p takeover by RAK Petroleum last year by demanding a £5 million approval fee, and political problems have delayed drilling in Kurdistan.

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