Market report: Taking Stock

Ionica, the fledgling telecoms group using digital radio wave technology, is the new issue disaster of the year. Floated at 390p in July and subsequently reaching 421p the shares fell 16p to 60p. Too many seem to have got their wires crossed. Ionica admits its national roll- out is nine months behind schedule and teething troubles are limiting capacity and slowing customer sign ups.

Celebrated has offered shareholders little to cheer about since arriving at 18p two years ago. But a reshaping may change its fortunes. It sold its 15 roadside eateries to Granada for pounds 3m and acquired Restaurant House, running Chili's Grills and Bars. As a result, Red Hot Concepts, a US group, has more than 30 per cent of the capital. Celebrated shares held at 10.5p.