Morrisons surged briefly last Wednesday as rumours surfaced again of a possible bid, only to lose much of the ground the following day.

Some of the movement may have been in anticipation of interim results due this next Thursday, which are expected to show further growth in a tough marketplace. With total sales up over 17% in the first part of the year, interim profits are expected to rise from £68.3m to £75m.

ISA International pleased the market with news of the sale of its subsidiary John Heath to Kaye Office Supplies. John Heath's business as a commercial stationery wholesaler did not fit particularly well with ISA's traditional dealer and end-user markets for electronic office consumables.

As a consequence of the proposed deal, ISA will acquire a 47% holding in Kaye Office Supplies, and receive £19m in cash to develop its own business further. In a few years it is anticipated that Kaye Office Supplies will either float on the Stock Market or sell out, allowing ISA to realise further resources - assuming that Kaye develops its enlarged business successfully.

At Syltone's Annual General Meeting, Chairman Tony Clegg reported satisfactory progress in the rationalisation of the company's manufacturing facilities, which has involved substantial investment and training of new staff. "I remain confident that we shall meet this year's objectives". The new Chairman designate, Peter Andrews, was duly elected to the board.

Ellis & Everard have recently appointed a new Chairman, to commence next January. Keith Hopkins is also Chairman of Croda International, a specialist chemical manufacturer with a head office near Goole - a few junctions along the M62.

Metrotect Industries has received a cash offer of 18 pence per share from Reilly Industries Inc, an American business with complementary skills in the pipeline coating industry.

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.