Smaller companies report: Weds close

 

UK small caps closed higher, swept upward by a wider market recovery, with Torotrak among the winners after its chief executive snapped up 26,979 shares at 25.4p, dealers said.

At the close, the FTSE Small Cap index was 13.8 points higher at 3,423.7, echoing the wider market.

Buyers homed in on Torotrak, which rose 3¾p to 29p after chief executive Dick Elsy snapped up 26,979 shares at 25.4p in the traction drive transmissions systems maker, while Mondas, an Aim-listed financial markets software specialist, added 2½p to 18p following a new contract win from Panmure.

Meanwhile, a positive drilling update lifted Hidefield Gold 1.12p to 10.37p. The company's 31% -owned Canadian gold affiliate, Alto Ventures, has reported significant drilling results from the final six holes of its Phase Two winter diamond drilling programme in Quebec.

Significant gold mineralisation has been intercepted in the final six holes as extensions of multiple veins along strike or down plunge within the DAC deposit.

Oasis Healthcare put a smile on punters faces up 1½p at 14¾p after the dentistry group said it made a loss of £366,000 for the year that ended on 31 March compared to a loss of £2.9m the year before. Turnover for the year was £82.5m, up 10% from £74.9m the year before.

Investors were keen for Itellego Holdings, 0.25p higher at 3.25p, in response to news that the training and support services group has won a contract to supply e-learning tools to Rightmove Home Information Packs.

Internet technology company Z Group, improved by 8p to 120p, with profit for the year that ended on February 28 up 78% at £1.1m compared to £600,000 the year before. Turnover was up 63% to £5m compared to £3.1m in 2005.

Among the losers, Cornwell Management Consultants struggled, sliding 25p to 61½p after the company warned it expects first-half profits to be significantly lower than its previous expectations.

More modestly, Healthcare Enterprise Group eased 1¼p to 7½p after the international health products group revealed widening full year pre-tax losses of £18.57m against £300,000.

Also on the backfoot, Faroe Petroleum ran back 17p to 129p in reaction to news that the company has plugged the first exploration well it drilled on the Halibut Horst gas prospect in the North Sea after the hole turned out to be dry.