Shares: Taking Stock

Regent Inns called time on its investment in Surrey Free Inns, selling its 5.5 per cent holding in the AIM-listed company for 465p a share. Regent, which jumped 13.5p to close at 278.5p, made pounds 1.55m on the sale, and said it would use the cash to fund its expansion plans. Surrey Free Inns, which many industry observers had expected to become a bid target for Regent, lost 5p to 469p.

Colt Telecommunications surged 21p to an all-time high of 388.5p, on news that it had signed an interconnect agreement with France Telecom. The company, which is expected to complete a similar deal in Germany within a month, announces second-quarter results next week. Dealers said heavy buying on Friday in the US - where Colt is quoted on Nasdaq - had also helped.