Smaller companies report: Tuesday close
SHARES in UK smaller companies closed modestly higher, outperforming weaker blue chip issues, with a batch of positive corporate news providing support.
At the close, the FTSE SmallCap index was 3.3 points higher at 3,491.9. The FTSE 100 index ended 19.5 points lower at 5,760.3.
Shares in Caspian Holdings topped the small cap leader-board, up over a third in value with a 6.87p gain at 25.87p after the group announced it has started deliveries of Zhengeldy oil prior to export from Kazakhstan.
Caspian said that when the exports commence it expects to see a 'significant increase' in the price it receives for its oil.
Shares in Greg Hutching's Lupus Capital hardened 1¾p at 13¼p after a report that the company is close to agreeing the acquisition of a private door seals company for more than £80m.
Shares in Enova Systems, a leading developer and manufacturer of electric, hybrid and fuel cell digital power management systems rose 30p to 255p. The company says a joint effort with IC Corporation, North America's largest school bus manufacturer, has resulted in the completion of the nation's first functional hybrid diesel-electric school bus.
Healthcare products company Maelor added 0.75p at 7.50p after news its chief executive Tim Wright bought 300,000 ordinary shares, half at 6.5p each and half at 6.75p, and now holds 0.88% of the issued share capital.
And Tertiary Minerals gained 0.75p at 8.0p after announcing at its annual meeting it expects the finalisation of its joint venture agreement for the world's largest Tantalum deposit, Ghurayyah, in this quarter.
Peter Hambro Mining rose 94p to 1290p after the company produced updated business plans for the Pokrovskiy Flanks, Pioneer and Malomir deposits. The findings of the reports support the group's target of 1m ounces of gold production in 2009.
Shares in Regal Petroleum shed almost 70% in value, with a 77¼p slump to 34¾p after the Kiev Court of Appeal rejected its appeal in an action concerning Regal's production licences in Ukraine. Regal has already launched a further appeal to the country's Supreme Administrative Court.
Meanwhile shares in holiday bond business Keyworld Investments to just 0.1p after news of losses and an urgent need of further funds.
The loss of its finance director and the appointment of new chief executive drove Designer Vision shares 1p lower to 2.12p. The company produces in-car audio visual entertainment and satellite navigation systems.
A swing to full-year losses saw Meriden Group shed 0.13p to 0.30p. The results included the trading losses at the group's publishing division and the Scottish branch of its Logistics Division which, together with the costs of providing for closure, have undermined full-year numbers.
Healthcare Enterprise continued its downward spiral, losing 2¼p to 16¾p. It expects to report a pretax loss for the year to March. In November it warned on full-year profits when it also announced Stuart Bruck was stepping down as chairman to be replaced by Mark Tompkins.
Today, it said further management changes will see Lyndon Gaborit take on the role of executive deputy chairman and become interim chief financial officer, ahead of a permanent appointment.
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