Market Report: Taking Stock

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The Independent Online
Farlake, a fund manager with pounds 270m under its control, jumped 55p to 255p. Two new shareholders have climbed on board. They are EMS Capital, a US-backed investment company, and Derwent, a business thought to be related to David Rowland, the Monaco-based property entrepreneur. His last quoted play was Inoco, a property group. EMS has acquired 25.4 per cent from stockbroker Hichens Harrison and Derwent seems to have picked up 14.9 per cent through the market. Farlake shares reached 475p two years ago. They were hit when managing director Peter Leonard departed to form Integrated Asset Management, suspended at 130p.

Queens Moat Houses, the struggling hotel chain which almost came to grief in 1993, climbed to a two-year high, up 0.75p to 23.25p. There is talk of overseas buying. Profits of the still debt-laden group are due soon - NatWest Securities expect pounds 12m (pounds 4.6m).

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