Smaller companies report: Weds close

 

SHARES in UK smaller companies closed stronger today, ending at session highs after recovering from morning falls in tandem with the broader markets, with Brainspark a strong gainer after making its first investment since 2003, dealers said.

At the close, the FTSE Small Cap index was 6.3 points firmer at 3,599.7, the day's peak, having rallied from an early low of 3,592.0. The FTSE 100 index closed 23.5 points higher at 5,959.2.

Brainspark shares added over 40% in value today with a 0.35p rise to 1.2p after the group, which provides investment for start-up technology businesses, said it has agreed to invest $100,000 in US company Polarizonics.

The firm has developed a method of potentially increasing the data storage capacity and speed of DVDs.

Also on the upside, ComputerLand UK shares rose 22p higher to 158½p after the company revealed that trading during the second half of its financial year has been ahead of its expectations.

As a result of strong growth in the managed services business it now expects profits for the year to end-April 2006 to be ahead of market expectations.

Meanwhile Nexus Management celebrated the launch of its Nexus Management Voice Recorder product with a gain of 0.10p to 0.7p.

Shares in Caledon Resources added 0.38p at 3.75p after the minerals explorer revealed that drilling results were positive from the Mojiang gold project in South-western Yunnan Province of China.

And an upbeat trading statement helped shares in First Artist Corporation take on 0.75p at 7.5p. The group, which represents sports stars and celebrities, said its business is trading in line, with all divisions performing well.

Millfield shares added 0.75p to 9.12p after the financial adviser disclosed it has received an approach from a third party which may or may not lead to an offer being made for the company.

And speculative interest lifted Bizspace shares 7½p to 86½p after the provider of flexible managed workspace for small to medium sized businesses, revealed that it is in talks which may or may not lead to an offer for the group.

On the downside, two cash shells on Aim took big hits today as a big seller emerged. Taurus Storage shares topped the pile, down over 50% in value with a 0.82p decline to 0.8p, and Sagittarius Professional Services also shedd almost half its value - down 0.67p to 0.7p.

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