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UK small caps tick up at midday; Global Gaming Tech soars on talks confirmation
Wed, 11th Jun 2008 12:10
LONDON (Thomson Financial) - UK small caps ticked up at midday, matching slight gains among the top tier, with Global Gaming Technologies soaring 166 percent as it confirmed talks and announced a new placing.
At 11:49 a.m., the FTSE Small Cap index was 2.2 points up to 3,047.4, while the FTSE 100 index ticked up 5.3 points to 5,832.6.
Global Gaming Technologies rose 0.375 penny to 0.6 penny -- or 166 percent -- after it confirmed talks with parties in the oil and gas sector and announced plans to raise 250,000 pounds via a placing of 25 million shares at 1 penny per share to fund further investigation into current opportunities.
Positive numbers news boosted Stagecoach Theatre Arts 8 to 71-1/2, First Property Group 1-3/4 to 22-3/4, Driver Group 5-1/2 to 82 and Imaginatik 0-1/2 penny to 5-1/4.
WH Ireland kept a 'buy' stance on the latter.
Similarly, narrowing losses lifted Chapelthorpe, the industrial products maker, 1-3/4 to 22.
Reacting, Brewin Dolphin upgraded forecasts for the group slightly, as it urged investors to 'hold' the stock for now.
Elsewhere, a positive update took Cape 14-1/2 higher at 265 pence.
Ormonde Mining edged up 0-1/4 penny to 12-1/2 after revealing highly encouraging results at Spain's Barruecopardo project.
It prompted Brewin Dolphin to leave a 'buy' rating on the stock.
Bezant Resources put on 6 to 64 on news of large copper-gold intersection at the company's Manakayan project.
Offer news bolstered IT managed services provider NetStore 2 to 29-1/4. The group said it is in talks which may or may not lead to an offer being made for the company.
SQS Software Quality Systems ticked up 3 to 301-1/2 as it acquired Validate Technology Svenska A.B., prompting Evolution Securities to slightly raise forecasts for SQS as it kept a 'buy' on the stock.
In deal news, SmartFOCUS was 0-3/4 penny higher on 12, as Netherlands-based financial institution Rabobank announced it will use SmartFOCUS products throughout its 170 banks and offices in a bid to fully integrate its marketing activities.
Rift Oil firmed up 0.125 penny to 7.125 as the market responded to the company's agreement with Norway-based Flex LNG to work together to commercialise potential gas reserves from Rift's acreage onshore Papua New Guinea, should sufficient reserves be established.
Arc International ticked up 0-1/4 penny to 23-3/4 pence on news the new generation of HP TouchSmart personal computers will use its Sonic Focus software, prompting Landsbanki to keep a 'buy' rating on the stock.
But leading the fallers was Caspian Energy, 8-1/2 lower to 14, as initial test results from the Baktygaryn
703 well in Kazakhstan found no reservoir quality rocks at target depth.
The company will continue to drill to up to 2,500 metres before making a
decision on the well, however.
SCS Upholstery dropped 8-3/4 to 20-1/2 after the specialist sofa retailer warned it has lost credit insurance facilities with one company, affecting the working capital facilities of some of its principal suppliers.
'SCS is in discussions with each of the suppliers affected and is continuing to trade with them in the normal course of business whilst various financing options are being reviewed,' it said.
Reacting, Dresdner Kleinwort halved its price target on the stock to 20 pence from 40, while keeping a 'hold' rating.
It anticipates that the stock will continue to suffer in the near future.
Serabi Mining fell 3-3/4 to 17, as it warned full-year production for 2008 is unlikely to be greater than 34,000 gold equivalent ounces, as first-half production fell short of forecast levels due to equipment delays and breakdowns.
All Points North was down 4 to 30-1/2, as it updated investors with news it has received a final settlement of 200,000 pounds from Norwich Union Insurance Ltd. in relation to the insurance claim connected to a fire at the company's property in Kendal in 2005.
Finally, fund-raising moves brought out the sellers in Johnson Service Group, 0-1/4 penny adrift at 23-3/4.
It plans a conditional placing of 150 million new shares at 20 pence, to raise 30 million pounds and an open offer to raise 10 million pounds.
hannah.benjamin@thomsonreuters.com
hmb/cmr
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
At 11:49 a.m., the FTSE Small Cap index was 2.2 points up to 3,047.4, while the FTSE 100 index ticked up 5.3 points to 5,832.6.
Global Gaming Technologies rose 0.375 penny to 0.6 penny -- or 166 percent -- after it confirmed talks with parties in the oil and gas sector and announced plans to raise 250,000 pounds via a placing of 25 million shares at 1 penny per share to fund further investigation into current opportunities.
Positive numbers news boosted Stagecoach Theatre Arts 8 to 71-1/2, First Property Group 1-3/4 to 22-3/4, Driver Group 5-1/2 to 82 and Imaginatik 0-1/2 penny to 5-1/4.
WH Ireland kept a 'buy' stance on the latter.
Similarly, narrowing losses lifted Chapelthorpe, the industrial products maker, 1-3/4 to 22.
Reacting, Brewin Dolphin upgraded forecasts for the group slightly, as it urged investors to 'hold' the stock for now.
Elsewhere, a positive update took Cape 14-1/2 higher at 265 pence.
Ormonde Mining edged up 0-1/4 penny to 12-1/2 after revealing highly encouraging results at Spain's Barruecopardo project.
It prompted Brewin Dolphin to leave a 'buy' rating on the stock.
Bezant Resources put on 6 to 64 on news of large copper-gold intersection at the company's Manakayan project.
Offer news bolstered IT managed services provider NetStore 2 to 29-1/4. The group said it is in talks which may or may not lead to an offer being made for the company.
SQS Software Quality Systems ticked up 3 to 301-1/2 as it acquired Validate Technology Svenska A.B., prompting Evolution Securities to slightly raise forecasts for SQS as it kept a 'buy' on the stock.
In deal news, SmartFOCUS was 0-3/4 penny higher on 12, as Netherlands-based financial institution Rabobank announced it will use SmartFOCUS products throughout its 170 banks and offices in a bid to fully integrate its marketing activities.
Rift Oil firmed up 0.125 penny to 7.125 as the market responded to the company's agreement with Norway-based Flex LNG to work together to commercialise potential gas reserves from Rift's acreage onshore Papua New Guinea, should sufficient reserves be established.
Arc International ticked up 0-1/4 penny to 23-3/4 pence on news the new generation of HP TouchSmart personal computers will use its Sonic Focus software, prompting Landsbanki to keep a 'buy' rating on the stock.
But leading the fallers was Caspian Energy, 8-1/2 lower to 14, as initial test results from the Baktygaryn
The company will continue to drill to up to 2,500 metres before making a
decision on the well, however.
SCS Upholstery dropped 8-3/4 to 20-1/2 after the specialist sofa retailer warned it has lost credit insurance facilities with one company, affecting the working capital facilities of some of its principal suppliers.
'SCS is in discussions with each of the suppliers affected and is continuing to trade with them in the normal course of business whilst various financing options are being reviewed,' it said.
Reacting, Dresdner Kleinwort halved its price target on the stock to 20 pence from 40, while keeping a 'hold' rating.
It anticipates that the stock will continue to suffer in the near future.
Serabi Mining fell 3-3/4 to 17, as it warned full-year production for 2008 is unlikely to be greater than 34,000 gold equivalent ounces, as first-half production fell short of forecast levels due to equipment delays and breakdowns.
All Points North was down 4 to 30-1/2, as it updated investors with news it has received a final settlement of 200,000 pounds from Norwich Union Insurance Ltd. in relation to the insurance claim connected to a fire at the company's property in Kendal in 2005.
Finally, fund-raising moves brought out the sellers in Johnson Service Group, 0-1/4 penny adrift at 23-3/4.
It plans a conditional placing of 150 million new shares at 20 pence, to raise 30 million pounds and an open offer to raise 10 million pounds.
hannah.benjamin@thomsonreuters.com
hmb/cmr
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
