Gilts

The yield on the 5 per cent 2014 gilt surged 24 basis points to 2.78 per cent after the Bank of England said it was excluding the bond from its asset purchase programme until further notice. The September long gilt future lost 15p to £117.85 and the yield on the ten-year benchmark gilt edged up one basis point to 3.71 per cent.

Rumour of the day

Findel, the online retailer and educational supplier, fell 8½p to 39½p amid worries over its debt talks with banks. In May, as trading deteriorated, it delayed full-year results to try to finalise new loan terms and win support for a possible share issue. It has until the end of next week to publish the results or risk seeing its shares delisted.

Deal of the day

Could the metals market have bottomed? Lawrence Banks, chairman of Ambrian Capital, bought 10,922 shares at 29½p each in the stockbroker and metals trader. Ambrian shares, flat at 26¼p, have recovered from their 13p March low after Mr Banks promised a return to profitability this year thanks to a surge of Chinese copper imports.

Bet of the day

Berkeley Group, the homebuilder, edged up 2½p to 805½p ahead of full-year results today. The shares have been depressed by Saad, the Saudi Arabian investor, selling down its 29 per cent stake to 8.7 per cent. Strong figures could drive the sale of Saad’s remaining shares, removing the overhang. IG Index offers a December Spread of 805.8–815.6.

Tiddler to watch

Climate Exchange (CLE), the operator of carbon trading bourses, rose 16p to 841p as the purchase of a 4.8 per cent stake by its partner Intercontinental Exchange, thought to be from Harbinger, the cash-strapped hedge fund, was seen as an endorsement. CLE is now cashflow positive and looks good value, analysts at Mirabaud said.

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