Smaller companies report: Friday close
UK small caps closed higher, bucking a late reversal of fortune among the blue chips sparked by a drop on Wall Street. At the close, the FTSE SmallCap index was 17.6 points firmer at 3,427.4. Meanwhile, the FTSE 100 index ended 20.8 points lower at 5,672.4.
First Technology shot up 75½p to 351p after the crash test dummies firm agreed to a £251m bid from Danaher Corporation of the US.
The 330p-per-share price trumps rival Honeywell's 275p offer made in December, sparked thoughts of a bidding war.
Shares in AorTech International added 37½p at 212½p. The company was unable to explain the price surge but it confirmed its strategy to develop commercial products from its Elast-Eon biomaterial is progressing in line with expectations.
Elsewhere, Empire Interactive added 1p to 6.25p as traders responded to news of an agreement with Capcom Europe for the publishing rights in the UK and mainland Europe to several top-selling computer games.
An update on drilling results from the Dukwe Project in Botswana lifted African Copper 10p to 73p. The company reported showed 'significant intersections of copper' at the Mapanipani North zone.
International Real Estate added 19p at 162½p. Its long-standing legal dispute with Oaktree Capital Management over a joint venture has been amicably settled out of court. The Aim-traded property investment and development company said the settlement will have no negative impact on the results for the year.
Elsewhere, Plexus Holdings gained 11½p to 104p after the company announced it has won its first major tender in Egypt to supply wellhead equipment on a rental basis to BP Egypt.
Biofusion has bought an extra 5% in stem cell research company Axordia for £420,000, and now holds a stake of 36%. Biofusion shares added 14½p at 140p.
On the downside, Frenkel Topping shares shed 11½p at 25 after the firm warned it now expects its loss for the full year to Dec 31 to be 'significantly higher than expected' due to higher investment costs and provisions, as well as accounting changes. The company invests awards won by ambulance chasers.
Datong Electronics (down 35½p at 113%frac12;p), i-mate (off 52½p at 255p) and Lambert Howarth (down 14½p to 200p) also warned on full-year numbers today.
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