DIRECTORS at Caledonian Trust acknowledged there was no clear reason for the group’s shares to climb almost 20 per cent yesterday.

Caledonia, which closed up 23.5p at 147.5p, had climbed as high as 162.5p during the day.

In a statement to the stock exchange, the board said it “has noted the recent rise in the company’s share price and confirms that it knows of no reason for this price movement.”

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The board said the construction of two new semi-detached houses in Edinburgh are approaching practical completion and marketing had been commissioned.