Market Report: Taking Stock

Investors banking on a share buy-back from Aegis Group, the media buyer, may be disappointed. The company is instead more likely to spend its earnings on acquisitions and expansion, particularly in the Far East. It has an office in Hong Kong, and is believed to be looking at setting up shop Malaysia, the Philippines and Taiwan. Shares trade at 58.5p.

There is strong talk that Harrisons & Crosfield is preparing disposals of one or two of its divisions. There has been a series of meetings with City advisers and MeesPierson has issued a note, advising "buy for income and break-up value". It favours a sell-off of the building and food businesses, and reckons that, if Harrisons splits itself up for sale, it could be worth pounds 1.2bn, compared with its current worth of pounds 874m.