utsourcer Kier Group closed out its best-ever week of trading on Friday as investors continued to plough into Britain’s contractors on hopes the Government is preparing an infrastructure spending spree. Kier rose 13.8p to 140.6p to cap off gains of more than 40pc since the previous Friday. Earlier in the week, analysts at Liberum said Britain could be entering a “golden age” of infrastructure, particularly after the Government gave the green light to HS2. Peers including Balfour Beatty, Costain and Morgan Sindall all also rose during the week, with Galliford Try leaping 9pc, or 16.1p to 190.4p. Elsewhere, NMC Health fell further still, after its vice-chairman and joint controlling shareholder resigned from its board and the embattled hospital operator admitted it could not account for more than 400,000 shares with certainty. Khalifa Butti al Muhairi stepped down as a director with immediate effect, the company said, deepening its crisis. Earlier this week, Mr Muhairi was temporarily banned from board meetings along with NMC’s founder and chairman BR Shetty when it was disclosed that their shareholdings had been inaccurately reported. The resignation is the latest sign of turbulence at the UAE’s largest private healthcare provider, which has been reeling since hedge fund Muddy Waters Research made a short-selling attack in December. Shares closed down 43p at 775p, having fallen about 70pc since early December. It was not the biggest faller among blue chips, however: that dubious honour went to Royal Bank of Scotland, which closed down 16p at 213.1p after unveiling restructuring plans which include a wholesale change of name to NatWest. The FTSE 100 closed down 0.6pc overall, underperfoming European shares more widely, which dipped slightly amid mixed trading. The pan-European Stoxx 600 touched record highs mid-session, but ended down 0.1pc as it failed to hold on to gains amid mixed news on the coronavirus outbreak. Goldman Sachs analysts said the mixed mood apeared “rational”, with potential buying against a fall in the number of new cases being reported being dampened because share prices are already so high. As traders try to make sense of the disease’s impact, corporations have started factoring it into their guidance. In London, AstraZeneca put the biggest drag on the top index, falling 326p to £73 after it warned the epidemic could push back an awaited jump in profits. Meanwhile, shares in warehousing specialist Segro pushed up 13.6p to 935p, after it posted a rise in revenues and increased its dividend. In full-year results, the group reported a 10.8pc increase in adjusted pre-tax profit, which rose from £241.5m to £267.5m, on revenues of £432.5m. David Sleath, its chief executive, said 2019 was “another successful year” for the group, adding that it had started 2020 – its 100th year of operation – in a “strong position”. Liberum analysts said the group’s tilt towards Europe “continues to deliver good returns”, and noted that demand for Segro’s yet-to-be-opened warehouse locations appears high. They said the company trades at a “justified premium”.
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