Taking Stock

PSD, the recruitment services group, had a bright start to life on the stock market. Placed by Charterhouse Tilney at 220p, the shares sky-rocketed to close at 288.5p, valuing the company at about pounds 70m. Volume was a chunky 3.47 million shares, or 14 per cent of the issued equity.

Porvair, the synthetic clothing maker that issued two profit warnings last year, recouped some of Wednesday's losses when the company revealed a 19 per cent drop in profits.

The shares rose 5p to 255p as house broker Beeson Gregory upgraded its recommendation to buy with earnings of 18.1p pencilled in for this year, implying a price/earnings ratio of 14. The broker feels significant recovery this year justifies a premium rating to the market.