UK smaller companies: Friday close
UK small caps remained firm with Ramco Energy in demand following a positive judicial decision in the firms favour.
At the close the FTSE Small Cap index was up 6.2 points at 3,315.0, while the FTSE 100 was 21.9 points lower at 5,597.4.
Ramco Energy firmed 3½p to 28 after a positive litigation update.
The company disclosed that following the decision in its favour in the Tenge case in the Texas Court of Appeals last week, it has received confirmation from the Court of Session in Scotland that all inhibitions and arrestments placed on the company and its assets have been lifted.
Medsea Estates advanced 2¼p to 19¼p after the Spain-based property group told the AGM it expects to report a significant recovery in first half profits for the six months to June 30, 2006.
Buyers came for Debtmatters, up 11p at 332p, as the provider of Individual Voluntary Arrangements turned in a hefty 460% increase in maiden preliminary results and revealed it is acquiring Loanmakers, an FSA-registered master broker and packager of secured loans, for an initial £10m. In reaction, Numis repeated its 'hold' recommendation and raised its target to 300p from 260p.
A 'buy' recommendation in the Investors Chronicle saw oil company Afren rally 1¼p to 50¾p. The weekly financial magazine pointed out that prior to the Heritage Oil assets acquisition, Bridgewell Securities estimated NAV at 93p a share.
So given Afren's progress, the recent share price weakness is a good opportunity to buy, the IC said.
Airsprung lost 1p to 23½p after posting a lacklustre set of full-year results, narrowing its loss on ordinary operations, but incurring significant one-off costs related to the sale of loss-making unit Peter Guild.
Elsewhere, Bartercard slipped ¾p to 11½p in reaction to news that the global trade exchange for member businesses has referred various matters - considered to be irregular - relating to former directors and advisers to the appropriate regulatory authorities, including the FSA and the London Stock Exchange. The matters relate to the company's AGM and the subsequent MBO proposals, Bartercard said.
From the end of this week, we shall no longer be running our daily small-caps report. However, you will always be able to find our invaluable weekly round-up of the best of the small-caps action here: thisismoney.co.uk/columnists.
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