Smaller companies report: Weds close
UK small caps tracked gains across the broader markets, spurred on by fresh five-year highs for the Footsie. At the close, the FTSE SmallCap index was 27.7 points higher at 3,652.9, while the FTSE 100 was 45.7 better at 6,089.8.
ITM Power was one of the day's biggest gainers, rising 53% - 116½p to 335p - after the fuel cell company reported recent tests had been more successful than expected. In reaction, Panmure Gordon told clients to 'buy' the stock and upped its price target to 300p from 250p.
Another big climber was GVM Metals, up 8¼p to 25½p. It is in talks to buy an additional coal property in South Africa. And Peer Tertiary Minerals was 4p higher at 16.25p at it updated investors on the extent of its resources.
First Quantum Minerals rose 175p to 2725p after the board of Adastra gave the green light to its improved offer. Europa Oil & Gas edged 3p higher to 36¼p after the hydrocarbon production and exploration company revealed it has appointed Seymour Pierce as its adviser and broker.
Stronger-than-expected full year results benefited China Shoto, up 22½p at 205½p. It reported pretax profits of £3.6m against £1.77m last time. The group produces industrial batteries and power supply systems.
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Vectura Group has signed a deal with German pharmaceutical company Boehringer Ingelheim to develop a dry powder inhaler for asthma and chronic obstructive pulmonary disease. Vecture's shares rose 6½p to 123½p.
But there were further problems for Medisys in the wake of yesterday's announcement that it plans to sell all its operations and turn itself into a medical investment concern. Today the shares fell 0.60p to 2.35p.
News of fresh losses clipped 1p from Supercart, at 14½p. However, these narrowed to £675,000 from £838,000 and the Aim-listed designer of plastic supermarket trolleys said it expects to make a profit in 2007.
In its first update following its Aim listing in March, multi-currency payment processor Planet Group said trading in the second half was stronger than in the first, and the board expects it will be in line with expectations. The company, which trades as Planet Payment, says it has achieved notable successes, particularly in the Asia-Pacific region. The shares were unchanged at 160p.
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