Gilts

Gilt prices held relatively firm after Monday’s sudden drop as investors adjusted to a market that expects three more interest-rate rises by the end of the year. Gilt yields were close to unchanged. The June long gilt future was down 19 ticks at 104.39 as UK industrial production was strong, fuelling expectations of a rate rise.

Rumour of the day

ITM Power jumped 11¾p to 56½p as short-sellers closed positions after talk that it was close to unveiling its dual-fuel, hydrogen/petrol-powered Ford car. It will launch a prototype hydrogen home refuelling kit. Panmure Gordon, the company’s broker, has cut its target price from 170p to 100p, after delays in finding manufacturers for the products.

Deal of the day

Michael Pappas, a non-executive director at Antisoma, the cancer drugs developer, bought 100,000 shares at 21¾p each. His purchases follow that of the chairman on Monday. Antisoma shares rose 2p to 23¾p. They took a knock last month after it revealed plans for a dilutive share issue to raise new cash and to finance a £26.8 million purchase.

Bet of the day

Goldman Sachs predicted this week that oil would reach its target price of $149 this summer. Extrabet.com, the fixed-odds unit of the IG Index spread-betting business, is offering odds of 11-4 on that US light crude will touch $150 a barrel this year. The oil price fell yesterday from a high reached on Friday, but analysts are raising long-term forecasts.

Tiddler to watch

Strategic Thought Group, a provider of risk management software to the likes of Lockheed Martin and BAE Systems, has cut annual losses and is increasing sales. Under its new chief executive Martin Metcalf, it is recovering from three profit warnings last year, but the price, up 12½p to 97½p, may have risen too far. Piper Jaffray has an 87p price target.

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