Gilts

Gilts recovered as investors sensed that the recent rout in global bond markets may have gone too far. The June gilt future settled 34 ticks higher at 105.97, supported by surveys showing tumbling consumer confidence and benign wage pressures and a US inflation reading giving relief that price pressures were not careering out of control.

Rumour of the day

PartyGaming gained 26¼p to 286½p on speculation that it was close to a settlement with the US Department of Justice over its alleged breaches of gaming regulations in America. A settlement could open the company to a takeover. Two weeks ago it hired Jim Ryan, a Canadian, as chief executive, but traders were sceptical that a deal was near.

Deal of the day

Four directors of Dairy Crest bought a total of 26,000 shares in the company at 413¾p each. Dairy Crest shares lost ¾p to 408½p. It reported in-line full-year results last week, but the maker of Cathedral City cheese and Utterly Butterly spreads has been knocked by worries about rising raw material prices and declining consumer confidence.

Bet of the day

On the back of recent highs, the fixed-odds betting firm ChoiceOdds is seeing bearish signals for the volatile Brent oil price. It reports that most of its clients are betting on a fall in oil prices, which presents a value opportunity if you believe that oil will start the week on the up. It is offering odds of 3-1 that Brent Oil will rise on Monday.

Tiddler to watch

Conister Financial gained 5p to 70p as the new chief executive bought a significant chunk of shares and investors woke up to the news that it had won MasterCard approval in Europe for its TransSend cash card for online gaming. Global demand for such cards is forecast to reach $14.6 billion (£7.4 billion) by 2010.

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