Smaller companies report: Friday
THE subdued mood continued among smaller companies with little to stimulate investor appetite for a market that has seen nearly 270 points knocked off its value since late last week. At the close, the FTSE SmallCap index was 3.0 points lower at 3,419.0.
TV production group Ten Alps was boosted after several of its companies picked up a number of industry awards this week. The shares rose 2½p to 60p.
Meanwhile Castings rallied 12 p to 263½p after increasing its profit in the year to end-March but said its outlook is uncertain because of rising electricity prices and its pension fund deficit.
A trio of new issues witnessed mixed fortunes. Shares in Hutchison China Meditech staged a disappointing debut on Aim. Placed at 275p, the shares ran back to 240p before closing at 250½p in volume of 332,252, having touched 282p earlier on.
Inova, too, failed to score a premium as trading got underway on Aim. Shares in the company - a developer and manufacturer of rugged computers designed for use in control systems for public transport and industrial processes that operate under harsh conditions - slipped back from a placing price of 65p to 62½p.
Shares in Mariana Resources, however, were marked up to 21½p (55,597 traded) from a placing price of 20p as dealings got underway on Aim.
Away from the new issue front, Autologic staged a partial recovery, rebounding 7p to 67p. Yesterday the shares fell after Autologic said it could suffer a major setback because of Global Automotive Logistics, in which the UK firm has a 40% shareholding, has been granted creditor protection under French law.
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