Yorkshire Tyne Tees puts up a convincing showing

MARKET REPORT

Once again it was left to the shares of Yorkshire Tyne Tees Television to put on the day's most intriguing show. They rose 23p to a 613p peak with the warrants 18p higher at 417p.

By common consent Yorkshire looks overvalued on trading considerations. Indeed, one stockbroker said recently the shares were too dear at 550p without a bid or new franchise deal. But takeover options look limited. Its two biggest shareholders, Granada and MAI, are barred from bidding under the current media rules and any overseas party would face regulatory problems.

Yet the shares seem unstoppable. They have climbed from 366p this year and are now selling on a stratospheric 75 times last year's earnings.

Although more than doubled profits are expected this year - to about pounds 23m - it is corporate, rather than trading, considerations which are attracting buyers.

A further relaxation of cross-media ownership rules is one possibility prompting the buying interest, and with Yorkshire enjoying a joint international sales force with Granada talks between the two are obviously ongoing.

But there is clearly a sneaking suspicion that a TV outsider could be planning to swoop. Rank Organisation, little changed at 427p, is one name in the frame.

The rest of the stock market drifted aimlessly with the FT-SE 100 index lowered 5.2 points to 3,549.3. Worries about the impact the new Ulster Unionist leadership will have on the Government's survival chances was the main influence, overwhelming any benefits produced by a firm New York display.

In early trading Footsie reached a new high with the latest Whitehall statistics underlining that any interest rate move should be downwards. But, with a few profit-takers hovering, the upbeat mood soon evaporated.

Associated British Foods, the giant with a host of leading brands, fell 9p to 712p as NatWest Securities moved its rating from hold to sell.

Reuters, the information group, suffered from Lehman Brothers caution and rumours that Bloomberg, the US information group, was preparing to expand its service for market traders. The shares dipped 13p to 579p.

Caradon, the building materials group, fell 18p to 203p in another heavy session with nearly 10 million shares traded. The group's profit warning, signalled over the weekend, produced a series of profitdowngrades with ABN Amro Hoare Govett slicing from pounds 238m to pounds 175m.

On Friday, in late trading, there was heavy trading in Caradon's shares with trades going through at 210p against a price then of 221p.

Amersham International, the healthcare group, remained weak, off a further 16p at 1,013p, with Lehman and Merrill Lynch cautious.

T&N, the car components group, reversed 2p to 184p; US investment presentations start today. De La Rue, the security printing group planning to show off its Portals operation to analysts on Thursday, eased 6p to 923p and Racal Electronics, continuing presentations, fell 5p to 287p.

United Biscuits, results on Thursday, fell another 3p to 279p. Interim profits could have crumbled from pounds 80.1m to pounds 23m and a dividend cut is expected. A hovering line pushed Grand Metropolitan 5.5p lower at 422.5p.

Electricities were dull as the market awaited takeover moves. Northern Electric slumped 143p to 846p, reflecting its defence package aimed at warding off Trafalgar House, taking effect.

Cowie, the cars to buses group, advanced 10.5p to 315p on talk of a significant expansion move.

My Kinda Town, the restaurant group, rose 1p to 14.5p on takeover talks with Groupe Chez Gerard, off 2p at 144p.

Psion, the hand-held computer group, continued to benefit from profit figures, up 29p at 594p and Unipalm, awaiting bid details, gained 45p to 475p.

Delphi, the former Computer People, with interim profits up more than 450 per cent to pounds 4.1m, gained 14p to 343p.

Reece, an industrial distributor, added 0.5p to 3.25p. Chairman Peter Knapton has nudged his interest to 49 per cent and Mike Norris, managing director, to 2.7 per cent, buying shares at 2.75p.

Magnum Power, developing units that prevent computer power failures, rose 20p to 168p. It has signed its first partnership agreement with a maker of computer power supplies, a US company called Golden Systems.

News
people
News
people And here is why...
News
peopleStella McCartney apologises over controversial Instagram picture
Life and Style
Laid bare: the Good2Go app ensures people have a chance to make their intentions clear about having sex
techCould Good2Go end disputes about sexual consent - without being a passion-killer?
PROMOTED VIDEO
Arts and Entertainment
Richard Burr remains the baker to beat on the Great British Bake Off
tvRichard remains the baker to beat as Chetna begins to flake
News
i100
Sport
footballArsenal 4 Galatasaray 1: Wenger celebrates 18th anniversary in style
Arts and Entertainment
Amazon has added a cautionary warning to Tom and Jerry cartoons on its streaming service
tv
News
people
News
The village was originally named Llansanffraid-ym-Mechain after the Celtic female Saint Brigit, but the name was changed 150 years ago to Llansantffraid – a decision which suggests the incorrect gender of the saint
newsWelsh town changes its name, but can you spot the difference?
News
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
Kristen Scott Thomas in Electra at the Old Vic
theatreReview: Kristin Scott Thomas is magnificent in a five-star performance of ‘Electra’
News
Destructive discourse: Jewish boys look at anti-Semitic graffiti sprayed on to the walls of the synagogue in March 2006, near Tel Aviv
peopleAt the start of Yom Kippur and with anti-Semitism flourishing, one Jew can no longer ignore his identity
Life and Style
Couples who boast about their relationship have been condemned as the most annoying Facebook users
tech
Arts and Entertainment
Hayley Williams performs with Paramore in New York
musicParamore singer says 'Steal Your Girl' is itself stolen from a New Found Glory hit
News
i100
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Trainee Recruitment Consultant - Birmingham - Real Staffing

£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...

Trust Accountant - Kent

NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...

Graduate Recruitment Consultant - 2013/14 Grads - No Exp Needed

£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...

Law Costs

Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...

Day In a Page

Italian couples fake UK divorce scam on an ‘industrial scale’

Welcome to Maidenhead, the divorce capital of... Italy

A look at the the legal tourists who exploited our liberal dissolution rules
Time to stop running: At the start of Yom Kippur and with anti-Semitism flourishing, one Jew can no longer ignore his identity

Time to stop running

At the start of Yom Kippur and with anti-Semitism flourishing, one Jew can no longer ignore his identity
Tom and Jerry cartoons now carry a 'racial prejudice' warning on Amazon

Tom and Jerry cartoons now carry a 'racial prejudice' warning on Amazon

The vintage series has often been criticised for racial stereotyping
An app for the amorous: Could Good2Go end disputes about sexual consent - without being a passion-killer?

An app for the amorous

Could Good2Go end disputes about sexual consent - without being a passion-killer?
Llansanffraid is now Llansantffraid. Welsh town changes its name, but can you spot the difference?

Llansanffraid is now Llansantffraid

Welsh town changes its name, but can you spot the difference?
Charlotte Riley: At the peak of her powers

Charlotte Riley: At the peak of her powers

After a few early missteps with Chekhov, her acting career has taken her to Hollywood. Next up is a role in the BBC’s gangster drama ‘Peaky Blinders’
She's having a laugh: Britain's female comedians have never had it so good

She's having a laugh

Britain's female comedians have never had it so good, says stand-up Natalie Haynes
Sistine Chapel to ‘sing’ with new LED lights designed to bring Michelangelo’s masterpiece out of the shadows

Let there be light

Sistine Chapel to ‘sing’ with new LEDs designed to bring Michelangelo’s masterpiece out of the shadows
Great British Bake Off, semi-final, review: Richard remains the baker to beat

Tensions rise in Bake Off's pastry week

Richard remains the baker to beat as Chetna begins to flake
Paris Fashion Week, spring/summer 2015: Time travel fashion at Louis Vuitton in Paris

A look to the future

It's time travel fashion at Louis Vuitton in Paris
The 10 best bedspreads

The 10 best bedspreads

Before you up the tog count on your duvet, add an extra layer and a room-changing piece to your bed this autumn
Arsenal vs Galatasaray: Five things we learnt from the Emirates

Arsenal vs Galatasaray

Five things we learnt from the Gunners' Champions League victory at the Emirates
Stuart Lancaster’s long-term deal makes sense – a rarity for a decision taken by the RFU

Lancaster’s long-term deal makes sense – a rarity for a decision taken by the RFU

This deal gives England a head-start to prepare for 2019 World Cup, says Chris Hewett
Ebola outbreak: The children orphaned by the virus – then rejected by surviving relatives over fear of infection

The children orphaned by Ebola...

... then rejected by surviving relatives over fear of infection
Pride: Are censors pandering to homophobia?

Are censors pandering to homophobia?

US film censors have ruled 'Pride' unfit for under-16s, though it contains no sex or violence