By midweek, global markets had jumped after the US Central bank cut interest rates by 50 basis points, to 1 per cent, and Japan had cut rates for the first time in seven years in order to simulate economic growth.

On the currency markets, the dollar moved above $1.61 against Sterling, as figures showed that the US economy contracted by 0.3 per cent in the third quarter, notably better than the 0.5 per cent fall that had been forecast by the markets.

Housebuilder Persimmon informed the market that it expects to report pre-tax profits for the year of around £135m, 77 per cent below the £582.7m achieved in 2007.

As a result of falling house selling prices, the York-based company has taken the prudent measure of writing down the value of its land bank by a further £600m. Persimmon said that it anticipates prices to fall 10 per cent in the second half of the year, double the level of earlier forecasts.

Getech Group, the Leeds-based specialist in the provision of data, studies and interpretation services to the oil and mining exploration sectors, released its preliminary results for the year ended July 31. The AIM-listed company, which employs almost 50 people, reported a 15.9 per cent increase in revenue with pre-tax profits rising to £900,000 from £805,000 a year earlier.

In line with its progressive dividend policy, the group has proposed a final dividend of 0.7p, to make 1.3p for the year, up from 1.2p in 2007.

It was also confirmed that IP Group Plc had increased its investment in Getech to 20 per cent and, as a result of this significant commitment, the board had appointed Charles Tavner, of IP Group, as a non-executive director.

Communisis, the printed products manufacturer, confirmed in its third-quarter interim management statement that the company is continuing to trade in line with the market's profit expectations for the full year.

In addition, the company stated that over the last quarter there has been a change in the revenue mix. Increased account activity and the implementation of the Consumer Credit Act 2006 has led to notable growth in transactional print and cheque businesses, which has more than offset lower demand in direct mail.

Throughout the last quarter, the Leeds-based company had continued to win profitable new business and underpins the group's move towards a higher-value solutions business.

Cosalt, the Grimsby-based provider of safety and protection services to the marine, offshore oil and gas industries, reported that it had disposed of its holiday home business, to the Endless Group, for £300,000. The group expects to write-off a further £8m for the year ending October 26.

Christopher Hynes Investment Manager at Brewin Dolphin, Leeds