Rumour of the day

Peptech, an Australian biotechnology group with more than £74 million in cash, jumped 13p to 82½p after it hired Citigroup to advise it on its options after receiving offers from at least ten private equity firms and pharmaceutical companies. Anyone expecting a bid may be disappointed, however, with managent understood to be favouring a merger or a partnership.

Deal of the day

Amvescap fell 21½p to 565p as its vice-chairman reduced his holding for the third time since the fund manager’s annual results last month. Robert Graham, who has been a director since 1997, sold 200,000 shares at 579.7p each, cutting his stake to 24.2 million shares, or 2.9 per cent. He has raised more than £3.1 million through stock sales in recent weeks.

Bet of the day

Kazakhmys, the Kazakhstan mining group today reporting full-year figures, is expected to say that profits more than doubled to £2.2 billion. Capital Spreads offers a £10.874-£10.917 rolling price on the stock, which closed at £10.89 yesterday.

Tiddler to watch

BPP, the executive training group, will open talks with the rival Carter & Carter in the next few days over a 725p-a-share takeover offer that BPP initially rejected. WH Ireland analysts said BPP’s shares, up 3p to 603p, could rise to 903p if it wins the power to award degrees, but only to 802p if it fails and uses cash for acquisitions and shareholder returns.

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