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Market Watch

FINANCE

SHARES in Rok hit record levels last week as the City continued to digest the contractor's £31.3 million swoop for Scottish construction outf it Tulloch.

Trading levels were low but the latest rise means that Rok's shares have surged 68 per cent in the past 12 months.

David Taylor, construction analyst at stockbrokers Teather & Greenwood, said: 'Tulloch looks to be a well-run Scottish business with a broad spread of activities, including PPP and civil engineering and a wide geographical footprint in its home market.

'It moves Rok towards its local builder with national coverage aspiration and continues its consolidator role.'

Among the consultants, WS Atkins sagged over concerns of a weaker-than-expected contribution from its share in Metronet, the group charged with refurbishing part of London Underground.

Wayne Gerry, analyst at German investment bank DrKW, said: 'Although Metronet's performance appears worse than we previously anticipated, good performances elsewhere mean fullyear forecasts are unchanged in total.'

DrKW is sticking with an 'add' recommendat ion and has upped its target price on Atkins by 49p to 943p but the stock closed off 14.5p at 871p last week.

On the junior market, social housing contractor Connaught finally set a date for a longmooted move up to the official list.

Shares in Connaught have been trading close to their 12month high and firmed 2.25p to 212.5p last week as it confirmed it would de-list from AIM and move up to the big league on November 6.