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Smaller companies report: Thursday close

By This Is Money
Updated: 13:24 EDT, 20 April 2006

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CONTINUING strength among the miners pushed the small caps higher, with Pan African Resources stronger after an upbeat drilling report. At the close, the FTSE SmallCap index was ahead 3.1 points at 3,656.0 as the FTSE 100 index fell 8.4 points to 6,081.4.

Pan African Resources 2p to 8p after the Africa-based exploration company disclosed positive results from a recent drilling programme in Mozambique. Angus & Ross announced exploration work at its Black Angel zinc/lead property in Greenland will start in June. The project has reserves of 2.2m tonnes of high grade ore. A&R shares added 11/2p at 13p. Leyshon Resources, up 1.75p at 14.25p, has agreed new joint-venture terms regarding financing and development of the Zheng Guang gold project.

GVM Metals, meanwhile, ran into profit-taking, down 4½p to 21p following yesterday's strong gains made after news the firm is in talks on substantial coal acquisition in South Africa.

Ramco Energy lost 3½p at 31p as the oil firm denied claims by Anglo-Dutch Petroleum International that a ruling by a Texas court puts a block on an Aim listing for shares in Ramco subsidiary Lansdowne Oil & Gas.

In a statement issued late yesterday, Anglo-Dutch said the court has ruled that Ramco Energy and Ramco Oil Ltd should 'turn over for public' sale all shares in Lansdowne. Ramco said today, however, that the listing will go ahead as planned and that the company is taking legal advice over the statement issued by Anglo-Dutch.

Multimedia marketing company Touch Group edged up 0.75p to 6.37p. It has raised £675,000 via a placing of 8.4m shares at 8p each, and said it will use the funds to capitalise on investments already made in the business throughout 2005.

News of a rival to the National Lottery boosted Chariot (UK) 24½p higher at 209½p.The company is launching its own new lottery to be known as 'Monday - the Charities Lottery'.

Telephone Maintenance Group added 0.25p at 2.25p after the company said a 47% rise in turnover had cut losses in the six months to January 31 from £174,000 to £7,000.

MicroFuze International celebrated its first commercial order following its Aim flotation in February with a gain of 1p to 9p. Its US subsidiary, Tesla, has done a deal with Diffusion Technologies of Alabama.

Shares in Provexis caught a cold, falling 2p to 8¼p. Sainsbury's supermarkets will no longer stock its health drink Sirco as part of a rationalisation of its range of chilled juice brands.

The decision by Sainsbury, however, has no impact on Provexis' distribution agreements with Tesco and John Lewis-owned Waitrose, the group said.

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