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Market Watch

FINANCE

SHARES in Interserve rebounded last week despite the postponement of the services contractor's interim results.

Interserve was due to release figures this week but accounting problems unearthed at its industrial services division have forced a delay.

The group is investigating with the help of consultants Linklaters and KPMG misstatements made in the past but does not expect to be in a position to release figures until the end of this month. Investors were reassured by this. UBS reiterated a 'buy' rating up to 410p, while Panmure Gordon told investors to hold on to the stock despite a far lower target price of 325p.

Shareholders in Costain will be looking for a rebound this week after the stock dived last week as the contractor unveiled a £21.9 million loss for the first half of this year.

With KBC Peel Hunt reiterating a 'hold' rating and Numis and DrKW both issuing upgrades, an improvement is expected this week.

There was heavy buying in Carillion ahead of interim results due out yesterday (Wednesday).

Despite a week shortened by the August bank holiday, more than 70 million Carillion shares shifted portfolios.

Not all the brokers are positive, with Altium Securities reiterating a 'reduce' rating, but the shares still gained 6.25p to 321.25p.

Traders were also posit ive on WSP in the run-up to the results. With Seymour Pierce advocating a 'buy' rating, the shares put on 14.5p to 458.5p even before good results were unveiled on Monday.