Milk float delivers a 25% share price gain for Express Dairies

Liquid assets: A milkman unloads his empties at the West Hampstead, London, depot of Express Dairies, which yesterday enjoyed a buoyant debut on the stock market following its demerger from Northern Foods. The shares gained more than 25 per cent from their opening price of 142p to close 40p up at 182p. Northern Foods' shares closed 78p lower at 223.5p. Analysts said the increase in Express Dairies' shares was partly due to takeover speculation. Express Dairies is the UK's largest supplier of liquid milk and has the largest share of the doorstep delivery market, which has been suffering steady decline.

Photograph: Nicholas Turpin