Friday morning business bulletin

Apr 25 2008 By Andrew Mernin

Shares in transport firms were on a roll today after leading operator Go-Ahead said it expected results ``significantly" ahead of last year’s record.

The Newcastle plc’s upbeat assessment of its rail and bus markets caused rivals, including FTSE 100 Index firm FirstGroup, to post sizeable gains.

The wider London market drew comfort from a positive finish to trading on Wall Street to stand 3.9 points higher at 6054.6 after an hour of business.

Retailers and banking stocks featured on the risers board after recovering some of the losses seen in recent days. B&Q owner Kingfisher added 4.3p to 129.2p and Home Retail Group cheered 8.25p to 247p, while Alliance & Leicester rose 12.5p to 505.5p and Halifax Bank of Scotland gained 11p to 500p.

Pubs group Mitchells & Butlers today said it remained in talks with private equity investors over a potential sale of a stake in the firm.

The All Bar One and Harvester owner is in talks with buyout firms over a deal for up to 29.9% of the business at a ``material premium" to its current price.

However it confirmed it was no longer in talks over any potential offer for the whole of the business.

The company recently said it would consider selling a minority stake in its business in order to fund a deal to buy the managed pub operation of its rival and former takeover suitor Punch Taverns.

The Scottish Government today warned against panic buying of petrol as the prospect of a strike loomed closer at a giant oil refinery.

Scotland’s finance minister John Swinney said there enough supplies of petrol and diesel to last well into May if purchasing remained at its normal level.

A two-day strike by up to 1,200 workers at Grangemouth plant will now go ahead on Sunday and Monday, threatening fuel supplies in Scotland and northern England, after negotiations between union officials and bosses collapsed.

The pound at 9am was US$1.9714 compared to US$1.9718 at the previous close while the euro at 9am was £0.7910  compared to £0.7944 at the previous close.