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Market Watch


SHARES in Morgan Sindall hit a record high last week after the firm refinanced part of its healthcare operations.

Morgan Sindall first bought a 52.5 per cent stake it did not own in Primary Medical Property then sold half its stake in PMP to Barclays Private Equity.

The price of this sale was a 50 per cent stake in a joint venture with Barclays.

The complex nature of the deal for ownership of PMP, which had gross assets in 2004 of £60.4 million, did not deter investors.

With broker ABN re-iterating a 'buy' rating on Morgan Sindall, the shares closed last Fr iday up 47p at 1,147p.

Products giant Wolseley is also trading at near record levels, with the stock up 41p at 1,197p after brokers Credit Suisse and raised their price targets.

UBS urged traders into the shares up to 1,700p, while Credit Suisse lifted its price target 200p to 1,600p.

The week's biggest riser was Amco. More talk of record results at the AIM-listed construction group helped the shares to a new high and the stock has tripled over the past 12 months.

Still on the junior market, shares in Oakdene fell back as some investors took fright at a downbeat trading statement from the house builder.

Oakdene is being sidetracked by the integration of AIM-listed rival Honeygrove in December 2004.

Oakdene will take a £600,000 hit from this on integration costs, including refurbishing units inherited in the deal that have subsequently taken longer to sell. This will leave 2005 profits lower than expected at about £5 m illion.