Formation Group rockets on hopes for new deal

Formation Group's share price rocketed on Tuesday after the construction management services outfit confirmed speculation about a potential "commercial agreement on a development site".The group released a statement noting the near-50% surge in the stock, saying that it has been in discussions regarding an agreement "for some time"."The company [...] hopes to be in a position to sign a definitive agreement imminently," it said."A further announcement regarding this agreement will be made in due course but shareholders should be aware that whilst negotiations are at a very advanced stage there can be no guarantee that the agreement will be entered into in its current form or at all."By 15:29, the stock had risen 47.4% to 7.74p.