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Smaller companies report: Tuesday close

By This Is Money
Updated: 12:50 EDT, 25 April 2006

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SHARES in UK smaller companies closed in negative territory, in line with the blue chip market. At the close, the FTSE SmallCap index was 0.2 of a point lower at 3,667.5, with the Footsie 12.1 points down at 6,086.6.

Aim-listed ReEnergy fell 10p to 33½p after announcing a placing of 42.5 mln shares at 30p a share to raise £12.75m before expenses. It needs the funds following the failure of Boston Equities International, one of the company's original institutional investors, to keep to its commitment of subscribing for £1.25m of shares in ReEnergy at 75p each.

The UK's biggest computer games retailer, Game said pretax profit excluding one-off costs for the year to January 31 fell to £8.4m from £29m a year earlier. The company blamed lower profit margins for older games consoles and a shortage of new consoles. Game's shares fell 2½p to 79½p. Broker Altium Securities reiterated its 'sell' recommendation and 65p price target.

Miners continued to benefit from positive newsflow. Rambler Metals & Mining rose 10½p to 44p following a bullish update on drilling projects in Canada.

Gold exploration company Ariana Resources added 2½p at 14½p on good news from western Turkey. And Europa Oil & Gas advanced 3½p to 34¾p after reporting a 159% increase in net profits at the half-way mark.

Shares in Central African Gold were suspended at 23½p, up 6½p, following confirmation the company is in talks that may lead to a takeover.

Elsewhere, property group Medsea Estates rose 4p to 17½p after saying progress in the first quarter has exceeded expectations, due partly to its new Italian operations. First-quarter pretax profit rose to €432,000 from €132,000 in the same period last year.

Marketing services group Delling rose 1¾p at 11½p following the award of a number of contracts in Scandinavia in the screen media area in the final quarter of 2005 and the first quarter of this year.

Read about the stocks our small caps experts say are set to fly, or dive

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