Smaller companies report: Thursday close
UK SMALL caps closed higher bucking losses in the wider market, with Zareba rallying by more than 100% after returning to trade following a suspension, dealers said.
At the close, the FTSE Small Cap index was up 6.0 points at 3,599.1, near session highs of 3,600.0. However, the FTSE 100 sank 17.4 points to 5,990.1.
Zareba put on a star performance during today's session, adding 1.95 pence to 3.75 on its return from suspension following its reverse takeover of Quadrise International.
Acquisition news also bolstered HHK, 4p higher at 10¼p after it agreed to buy minority stakes in two healthcare companies based in the Netherlands, namely, a 19.2% interest in ErgoDynamics Applications and a 5% interest in Medavinci Development.
HHK said both of the companies are in their development stage and, as such, have not yet reached profitability.
The minnows also found support from a raft of strong results and optimistic outlooks.
Sondex was 19¼p higher at 309¼p after the oilfield technology supplier said it expects full-year results to come in ahead of expectations.
The company anticipates revenues and operating profits will rise by over 50%, with net revenue coming in above £50m.
Kimcor Diamonds was 1½p higher at 20½p following a bullish update on its Bellsbank Dump Reclamation project in South Africa.
Fulmar added 3½p to 105p after the commercial printing firm lifted its full-year pre-tax profit and offered a 'cautiously optimistic' outlook on future prospects.
Pre-tax profit rose to £3.82m, from £3.52m the year before, despite challenging trading conditions; while CEO Mike Taylor said there are signs of improvement in the trading environment since the year-end.
ServicePower Technologies gained 1p at 36p after reporting narrowing pre-tax losses in 2005.
The outsourcing and software systems company reported full-year pretax losses of £1.6m, from £3.7m in 2004. Sales increased to £7.9m from £4.1m as new software contracts contributed 109% revenue growth and sales of its outsourcing products grew 77%.
Meanwhile, Henderson Morley took on 2.65p to 5.77p, building on yesterday's gains after Growth Equities & Companies Research told clients it believes the shares remain significantly undervalued.
Buyers also came for European Nickel, up 3¼p at 35p, after yesterday's strong run on news BHP Billiton has raised its stake in the company by 4.4% to 12.2%.
Wyndeham Press gained 19½p at 147p after confirming it has received an approach which may or may not lead to an offer.
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