SHARE prices traded in narrow limits throughout the day as arbitrageurs continued to unwind their positions ahead of the expiry of the September series on the futures market later this week.

Dealers said the tail wagged the dog as professional investors scrambled to cover short positions. Recenttakeover speculation and economic revival have seen a big premium established in the FT-SE 100 index September series. At the start of business yesterday, 4,000 open contracts had still to be sorted out. ... 

<途中省略>

 ... P&P, the computer systems group, jumped 10p to119p. The price has risen 20 per cent so far this week, helped by bullish reviews from Hoare Govett and UBS Phillips & Drew. Both recommend P&P as a recovery stock. Hoare Govett forecasts pre-tax profits of Pounds 8 million for the current year compared with Pounds 13.1 million last time.

Times/Sunday Times (London)
© 2001 Times Newspapers Ltd. All rights reserved.
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