Smaller companies report: Monday close
SHARES in UK small caps ended higher, bouncing back from earlier losses as a set of positive corporate news spurred gains.
At the close, the FTSE Small Cap index was 0.4 points higher at 3,667.7, bouncing back from session lows of 3.664.1.
Meanwhile the FTSE 100 index ended 34.0 points lower at 6,098.7.
Capital Ideas topped the minnows' gainers board, adding 0.22p at 0.49 after selling a million shares in Aerodeon for £70,000.
Buyers also came in for Medal Entertainment & Media, up 14½p at 53½p, a rally of more than 37%, after the TV production and DVD distribution company said it expects its results for the year to the end of March to meet market expectations.
A positive trading update also spurred shares in Colefax Group, 16p higher at 143½p.
The company expects to report full-year results significantly above its original estimates, with pretax profits amounting to not less than £3.8m. Meanwhile, Voller Energy Group clocked up gains, up 9p at 55p after the manufacturer of portable fuel cell systems launched a new hydrogen-powered industrial fuel cell system.
Ormonde Mining benefited, 2¾p stronger at 17¼p, on news its La Zarza operations in southern Spain has a large copper-gold-silver resource which could produce some 65,000 ounces gold equivalent per year.
Approval for the Aivlosin drug in EU countries by the European Agency for the Evaluation of Medicinal Products lifted shares in Lawrence, up 40¼p at 330¾p.
The drug is designed to treat digestive diseases in pigs. Peer pharma issue Phytopharm added 1½p at 49p after launching Phytopica, a treatment for allergic skin conditions in dogs.
Meanwhile, Wolfson Microelectronics edged up 50p at 478p, as broker comment reassured investors that the chip designer's cautious second quarter outlook was not a cause for concern.
In reaction, ABN Amro repeated its 'buy' recommendation and 475p target, noting that design wins remain strong particularly in mobile handsets which it feels bodes well for the second half.
Cazenove meanwhile, reiterated its 'outperform' recommendation and raised its EPS forecast by 7% for 2006, saying it sees potential upside on the group's revenue line over the coming months depending on demand for end-products and success with mobile phone manufacturers.
Hill Station gained 0.38p at 5.25p after the ice cream maker said it is on track to successfully execute the integration plan it formulated prior to the completion of two acquisitions last November.
Trade finance group CCH International rose 0.38p at 5.25p, on news of an agreement with CCH Europe and Basaran Gida Ticaret ve Turizm sletmeleri of Turkey to implement a one year $30m Sharia-compliant hazelnut export finance facility.
Elsewhere, Vane Minerals was 1p to the better at 15p after extending its exploration agreement with Freeport McMoRan Copper and Gold by 12 months until June next year.
The agreement grants the group exclusive access to Freeport's global exploration database, excluding Indonesia.
On the downside, software provider CMS WebView fell 0.38p to 2.37p after the company said it has rejected an 'early stage' offer approach. The company issued a statement in response to rises in the share price.
Shares in Servision lost 3p at 32½p on profit taking after a strong run, and as the appointment of Ari Bichler as non-executive chairman failed to inspire investors.
Meanwhile, Formjet shaved off 0.25p at 2.62p after posting a FY loss of £933,249 from a profit of £212,614 the year before in what it described as a difficult year.
Finally, PlusNet took a knock, shedding 34p at 249½p as competition fears increase amid talk of Vodafone to buy Tiscali UK.
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