Grainger closes 5.25p lighter

Aug 8 2008 by Graeme King, The Journal

UK SHARES ended in negative territory at the close of the penultimate session following Wall Street opening lower and the Monetary Policy Committee’s decision to keep interest rates at hold at 5%.

The FTSE 100 Index finished down 8.6 points at 5477.5. Resource companies dominated the leader board with mining stocks and oil companies performing well. Banking shares also rose after Barclays released results for the first half of the year at the top end of expectations.

In the regional portfolio, Regis Group confirmed that it has no intention of making a bid for Grainger, the property specialist, where we act as joint broker.

This was in response to the deadline of August 19 placed on Regis Group by the Takeover Panel to confirm whether or not an offer would be made.

Regis Group cited the uncertainty of house prices and the current economic environment as reasons for this decision. Grainger’s share price closed at 5.25p lighter at 203p. It was also announced that Deutsche Bank had an interest in 3% of the voting rights of Tanfield, the electric vehicle specialist. The share price ended the session at 9.96p, a rise of 0.07p.

Elsewhere, Wellstream Holdings, the oil support services company, regained some lost ground after a difficult first half of the week. The shares finished up 23p at 1053p.

Having had a torrid time of late, a number of construction companies had a better day with Barratt Developments rising almost 6.7% to 119.5p and Northern Bear 2.8% higher at 73.5p by the end of the day.

Demelza Claypole Demelza.Claypole@brewin.co.uk