Share indices in the week to 28 March 2003
Jarvis, Balfour Beatty, Serco. The share prices of all three performed a synchronised plunge last week in response to Network Rail's announcement that it is to take two more maintenance contracts in-house.

Balfour Beatty fell 9.1% to 150p after news that its £80m-a-year Wessex area contract would be run by Network Rail from next spring. Serco slipped 11.4% to 116.5p after confirmation that its £60m-a-year East Midlands contract would be taken in-house in 2005.

Clearly guilty by association, Jarvis – which makes about 50% of its profits from rail – slid 8.3% to 250p.

Even poor old Amey fell. The company was the first to see one of its rail maintenance contracts taken in-house in January, and has suffered a diabolical year so far.

But its directors must have thought they had turned things around last week when the City praised the company's annual results, despite posting a £129.5m loss for 2002. Any benefit was undone, however, by the Network Rail announcement, with shares falling 6% to 23.5p.

One company with a satisfied smile on its face is Gleeson. Its shares rose 13.4% last week to 825p after the announcement of a 22.6% hike in its interim turnover.