Shares in financial services company Peregrine Holdings surged as much as 14 percent on Thursday after the group said it expects its earnings and headline earnings per share for the year to March 2005 to be between 44 cents and 47 cents higher.

Earnings and headline earnings per share for the previous year were 20.60 cents and 33.18 cents respectively.

Business Day reports the company said the strong results were due to a shift in the group's strategy to focus almost entirely on wealth and asset management.

Earlier in the day its shares traded at a high of 399 cents, 14 percent higher than its opening price of 350 cents. At 4.15pm it was quoted on the JSE at 375 cents, up 7.14 percent for the day, before ending trade 5.7 percent higher at 370 cents.

Company results are expected to be released in early June.

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