There was mounting expectation of a counter-bid for Axon, as shares in the IT services group rose above an offer pitched on Monday by India's Infosys Technologies.

Although Axon's board agreed to the 600p per share cash offer from Infosys, analysts said it was far from a knock-out bid, helping Axon's shares up 103½p, or 20.6 per cent, to 606p.