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The Independent Online
r There was excitement in early dealings that United News & Media was poised to sell the Sunday Express and Daily Express. The rumour has been around for months, but the reasons for yesterday's rise of 9p to 538p were eventually traced to Panmure Gordon which had issued a buy recommendation on the back of good prospects for United's other activities.

r Savills has bought a initial 20 per cent stake in the youthful firm of stockbrokers Killik & Co. Killik was founded only six years ago by Paul Killik, formerly of Quilter Goodison, and Matthew Orr. Savills is providing a pounds 500,000 capital facility in exchange for the stake. The holding will rise to 25 per cent if Killik uses another pounds 500,000 facility provided by Savills.