The share price has risen as much as 19% since Wednesday when Grupo Ferrovial, Spain's secondbiggest builder, reported that it may make an unsolicited offer for the UK airport owner.

These are interesting times for BAA, as it builds a "fth terminal at Heathrow and plans a second runway at Stansted Airport. The airport authority should bene"t from more people "ying in the UK.

Damian Brewer, an analyst at JPMorgan raised the price target from 741p to 859p per share.

Torex Retail A software developer for retailers such as WH Smith in the UK, Torex retail reported last week that it signed contracts valued at £36m. The company has won 40 contracts in the UK, Europe and North America. Torex signed new agreements with Tesco's pharmacies and Co-op Home Stores in the UK, as well as a casino operator in Mexico City.

"Our order pipeline is at its strongest point ever, " chairman Chris Moore says. "This series of wins demonstrates our ability to drive organic growth within our acquired customer base."

Torex says full-year sales met analyst estimates after growth in new orders and six acquisitions, including XN Checkout Holdings. Torex expects cost savings over £12m for 2005.