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Smaller companies report: Friday close

By This Is Money
Updated: 12:41 EDT, 7 April 2006

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UK small caps closed higher, outperforming the broader market thanks to contract news for Elite Strategies and a bid approach for CMS WebView.

The FTSE Small Cap index closed 1.3 points higher at 3,653.7, while the FTSE 100 was down 19.6 points at 6,026.1.

Elite Strategies attracted support and rose 0.88p to 4p after J Sainsbury agreed a three-year contract with Retec Interface, in which Elite has a strategic investment, worth £5m.

This contract is to roll out Retec's Entertainment point-of-sale package to at least 100 stores during 2006. CMS Webview was the day's biggest gainer however, jumping 1.12p to 2.87p after announcing that it has received a bid approach.

A 'buy' recommendation in the Investors Chronicle lifted Getech 10½p to 51p. The magazine believes the oil services business is well-positioned to capitalise on the current oil industry boom and the 'information age'. Also thanks to IC 'buy' advice, better levels were seen in RC Group, 5p firmer at 52½p.

The shares are only valued at nine-times earnings which, the IC said, is too low for a fast-growing technology company with £7m in the bank that already pays a dividend. Elsewhere, Caledon Resources perked up 0.38p to 4p following completion of the sale of its entire holdings (5.5m shares/warrants) in mid-tier gold producer, Eldorado Gold.

Still with the gainers, recently hard-hit KimCor Diamonds staged a much-needed rally, recouping 3¼p to close at 18¼p, after the board of the diamond producing and exploration company said it knew of no reason for the fall in the share price.

Modest progress was also seen in Zoo Digital, 0.38p ahead at 3.25p after the company disclosed that licensing deals for its ZOOtech unit's DVD technology are expected to generate £1.5m revenues in the current year.

Finally, a solid premium was scored in British biopharmaceutical developer Renovo as trading got underway this morning. Shares in the group, whose IPO price was set at a top-of-the-range 87p, shot up to 105½p in volume of 1.63m.

The gross proceeds of the global offer were approximately £50m, representing an increase of 10m from the originally announced anticipated deal size of 40m. On the downside, Anite ran back 7½p to 73½p with Altium Securities shifting its stance on the stock to 'sell' from 'hold' after the software and IT services company warned it is likely incur severalm pounds in extra costs on one of its biggest contracts.

Altium maintained its 70p target price, although reverted to a negative recommendation pending further clarification of the situation. Elsewhere, fundraising news clipped 0.47p from Genesis Petroleum, closing at 2.15p. The company is raising £3.5m via a placing at 1.25p per share.

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