Gilts

Gilts fell as forecast-beating results from the banking sector encouraged investors to switch from government bonds to equities. JPMorgan joined Wells Fargo in reporting better than expected results. The yield on ten-year gilts was two basis points higher at 4.9 per cent. The September gilt future lost 14 to 106.46.

Rumour of the day

Keep an eye on Earthport, the international payments and collections agency for banks, down ¾p to 70p. There is talk of an imminent contract win with a big bank. The company recently won a contract with Standard Chartered allowing immigrant workers in the United Arab Emirates to send remittances home.

Deal of the day

Keith Henry, the chairman of Regal Petroleum, has bought 6,000 shares at 201p each. His purchase follows the sale of 400,000 shares by Lord St John of Bletso, a nonexecutive, at 212p each on Tuesday. Regal, which is exploring and drilling for gas in Ukraine, lost 2p to 196¼p. They have slumped from 298p in the past month as oil prices have fallen.

Bet of the day

With the FTSE showing late signs of recovery on Wednesday ChoiceOdds, the financial bookmaker, is offering 5-1 that it closes below 5,000 points today. The market has been so volatile that it could take only one big story for the index to plunge. Punters who do not fancy it to fall quite so quickly can get 7-2 that it drops below 5,000 by the end of July.

Tiddler to watch

Mediterranean Oil & Gas (MOG), the exploration and production company set to pump 20 million barrels of oil from Ombrina Mare, off Italy, rose 8p to 130½p after JPMorgan Asset Management said it had bought 10 per cent of the company, making it the fifth-largest shareholder. MOG upgraded its Ombrina Mare reserves recently.

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