A rumour late yesterday that private equity group Apax Partners was poised to bid 300p a share for Bodycote, the heat treatment specialist, lit up a quiet day.

Bodycote shares, steady for most of the session, ended with their strongest one-day showing in four years. Bodycote is thought not to have been approached, but analysts said a takeover was plausible, pointing out the company's leading position in a specialist market and strong cash flows.