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Market Watch


THE REFERRAL to the Competition Commission of the take over of brickmaker Baggeridge by Austrian giant Weinerberger created a few ripples last week.

A double whammy of the referral and poor results hit shares in Baggeridge and the UK's fourth largest brickmaker hardly looks interesting to other potential buyers.

Despite this, shares in the UK's fifth biggest brickmaker, Michelmersh, were among last week's biggest risers, albeit on very thin volumes.

AIM-listed Michelmersh f loated with a strategy of selling on spare land for development to fund acquisit ions.

Wienerberger is offering 216p per share and last week's closing price is well below that but, even with that fall, the market capitalisation of Baggeridge is twice that of Michelmersh and a tie-up might be a big ask for the AIM-listed firm.

The week's second biggest faller was Styles & Wood.

The fit-out contractor was marked down on concerns that Christmas spending at its high street retail clients was not as buoyant as had been hoped.

Amec rose 11.5p to 429.5p despite a profits warning as the market warmed to new chief executive Samir Brikho's vision, with broker Panmure issuing a 'buy' rating.

AIM-listed house builder Artisan rose after releasing interim results that included a downbeat residential assessment but buoyant trading at its commercial operation.

Shares in Travis Perkins hit a record £18.95 as the firm announced the sale of 35 freehold properties that will provide an £11 million profit.