City File: Motoring on

THE START of the new car registration year today will further boost shares in motor dealers. Hence a natural optimism over next week's results from T Cowie, one of Britain's biggest.

Although its shares have more than doubled to 255p since Black Wednesday, they are by no means overvalued. Cowie's recent record is convincing. It cleared a neat profit on the shares it bought before last year's abortive bid for Henlys, then in April reinforced its network with an agreed pounds 39.5m bid for Keep Trust.

With its integrated business including contract hire, leasing, HP, and second-hand cars, Cowie is better placed than most to benefit from the 'it's an 'L' of a rush' type of headline we'll be seeing over the next few days.