Market report: Servomex shares boom

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SERVOMEX, which designs and sells industrial instruments, jumped 10.5p to 127p in late trading as rumours swirled of a takeover bid from City Technology, up 1p at 200p. City, which makes gas sensors, declined to comment.

Servomex shares were bumping along at 97.5p last month. Profits fell in 1997 and the group forecast lower profits for last year. The shares have come down from 372.5p in the past 12 months.