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Intriguing share dealings at Graham, the builders merchant which produced disappointing interim figures on Tuesday. A single 15-million trade caused the excitement. One suggestion was an institution had sold to a market maker who had been unable to place the shares. Such a development, with more than 10 per cent of the capital in the market, would indicate the shares, off 9p to a 125p low, are set to fall even further. Schroder Investment Management is the biggest shareholder with a 17.1 per cent interest.

Hanover International, the fledgling hotel group run by Peter Eyles, which recently splashed out pounds 40m for six hotels, should lift profits from pounds 800,000 this year to pounds 3.3m next year with pounds 4.3m in sight for 1998, says stockbroker Greig Middleton.