Happy Xmas for Tate investors

UP a staggering 82% from its February low,

The FTSE Steering Committee meets on December 8 to decide on changes. Barring any disasters, Europe's biggest sugar-cane refiner should win promotion. Closing 1p better at a year's peak of 495p, its market capitalisation is £2.39bn.

Tate's chief executive Iain Ferguson, who came to the group in May 2003 from Unilever, has turned the Mr Cube-to-Golden Syrup group around. He has concentrated on higher-margin products while the runaway success of its no- calorie sugar-based sweetener sucralose has made things easier for him.

Consumer focus on healthy foods has increased demand for sucralose - sold under the Splenda brand name - to such a level that Tate has built a second plant, costing £97m.

Tate yesterday announced the small bolt-on acquisition of Dolcre, a South African food ingredients company. Dolcre will now trade under the Tate & Lyle brand.

Hazard warning lights flashed at car parts specialist Tomkins (¼p off at 248½p) because it is favourite to make way for Tates. Last week's third-quarter figures came in at the lower end of expectations as the weakness of the dollar continues to put pressure on profits. Two-thirds of Tomkins' business is done in the US.

After the Hang Seng index in Hong Kong had closed 171 points higher and above 14,000 for the first time since March 2001, London got off to a flyer. The Footsie was 49 points up before elevenses but then ran out of steam to close only 8.3 points better at 4749.8.

Wal-Mart, the world's largest retailer, prompted an early 104-point fall on Wall Street after slashing its November sales forecasts by more than 50%

Drugs giant AstraZeneca rallied 15p to 2095p after winning approval from the US Food & Drug Administration to sell its Nexium ulcer pill as a treatment for reducing the risk of stomach ulcers developing in patients on steroidal anti-inflammatory drugs.

Vodafone buzzed ¼p higher to 143¼p after the mobile phone giant bought back 14.5m of its own shares at an average 143.05p a share.

Hopes for a big dividend payment with today's annual results helped Topps Tiles to rise 6¼p to 213½p.

Thriving support services group Mears eased ¾p to 203¼p but should be in clover today following yet more excellent contract news. The group's order book is now well north of £800m after two new partnership deals to provide strategic and home improvements to social housing projects in Peterborough and Newcastle. The contracts are worth a total of more than £85m.

Premier Oil fell 34p to 572p after finding that its Merou well in Mauritania is not commercial.

Pan Andean Resources plummeted 8p to 17p. Sellers ran for the exit on hearing that the company has slashed the gas reserves estimates for its Blackstone Ivory No. 1 well onshore in Texas.

Zinc Ox Resources jumped 8½p to 72½p following a positive drilling report on its Aliaga Recycling Project in Turkey. Drilling results also helped Bema Gold to advance 9p to 199p.

Oil and gas exploration group Caspian rose 6p to 29½p. It has identified seven new wells to be drilled in Kazakhstan.

Chief operating officer John Thomson's purchase of 300,000 shares at 5⅞p helped vending machine technology developer Vianet improve ½p to 6⅛p.

Caldwell Investments, the creator of the NinaSun Canopy, the flexible shelter for deckchairs and sun loungers, soared 12p to 52p. Buyers appeared following a successful launch of the product at the International Hotel/Motel & Restaurant Show in New York.