SHARES in Lastminute.com continued their rapid ascent yesterday as bid speculation and strong trading took the online retailer to levels not seen since 2000.

The travel and leisure ticket specialist topped the leaderboard in the second-tier FTSE 250 Index following a seven per cent rise in its share price to 273p at one stage. It finished the session up five per cent, or 13p, at 267p.

Shares in the company have now risen in value by more than 60p in the a week, leaving the former stock market darling a far cry from its 2001 low point of 18.75p.

The latest rise was helped by a strong trading update on Tuesday showing a profitable third quarter and a strong start for the following three months.

But there is also speculation that Lastminute - founded by Martha Lane-Fox and Brent Hoberman - could be a takeover target, with Expedia and Travelocity among those mentioned in market circles as possible bidders.

Lastminute was among the highest profile of the dotcom companies to emerge from the Internet boom at the end of 1990s.

Demand for the stock was so great at the time of the company's flotation in March 2000 that private investors were limited to 35 shares each.

Shares started at 387.5p but quickly fell as analysts looked for a more realistic valuation of the business.