City Watch

Engineering shares were not blown off course last week by a British Chambers of Commerce survey pointing to a meltdown in home markets for manufactured goods, but performances were mixed. Smiths Industries was down 13p on Tuesday at 858p, after strong gains from 817p a week earlier. TI Group shares continued to rise, to 464p […]

Engineering shares were not blown off course last week by a British Chambers of Commerce survey pointing to a meltdown in home markets for manufactured goods, but performances were mixed.

Smiths Industries was down 13p on Tuesday at 858p, after strong gains from 817p a week earlier.

TI Group shares continued to rise, to 464p by Tuesday from 446p last week, after a buy recommendation from Credit Lyonnais Securities.

Mayflower shares pulled ahead to 216p on Tuesday, compared with 202p last week, after a positive research note from Dresdner Kleinwort Benson. The broker said worries that the strong pound would hit profits, which had brought down Mayflower shares, were unjustified, as nearly all the company’s output is for consumption in the market of origin and the dollar/sterling exchange rate is virtually unchanged this year. The company’s next results are out in early August.

Elsewhere, Bodycote fell 10p to 1105p and Glynwed was 3p adrift at 252p. Siebe shares rose to 1157p from 1101p a week ago, and British Aerospace opened at 471.5p on Tuesday, up 13.5p on Monday’s trading.

Northern Ireland engineer Powerscreen saw shares continue to improve, after evidence of action to tackle problems caused by accounting irregularities. On Tuesday the shares opened at 105p, up 3.5p on Monday, and well up from their low this year of 45p.