City smiles on Groupe Chez Gérard

The biggest share price rise in our list of monitored stocks was recorded by Groupe Chez Gérard, which announced solid results at the beginning of last week for the six months leading up to Christmas.

But more important for previously sceptical investors was a change in the group's policy toward depreciating its long leases, making their treatment more prudent.

A note was put out last week by analysts at Smith New Court Securities critical of the accounting policies of pub and restaurant companies.

JD Wetherspoon was singled out as the worst offender, and perhaps the slide in its share price this week was a reflection on this.

At the start of this week, too late to affect the share prices given above, controversy centred on Scottish & Newcastle's offer for Courage.

If signed, the deal would make S&N Britain's largest brewer. But the estimated £500m cost would saddle the already debt-burdened brewer with enormous borrowings.