The FTSE Small Cap index sheds 0.1 percent in early deals,underperforming its larger peers with the FTSE 100 up 0.4 percent andthe FTSE 250 rising 0.3 percent.
Renold, a supplier of industrial chains and related powertransmission products, falls 2.4 percent after it reports challenging conditionsacross all end markets in its latest trading update.
"There are further plans afoot to reduce costs and improve competitiveness... The shares have declined of late, trading on a price-to-earnings of 14times, which looks full," Nplus1 Singer writes in a note, keeping its "hold"rating on the stock.
Oxford Biomedica climbs 15.2 percent after the gene-basedbiopharmaceutical company signs an agreement with Novartis to manufactureclinical grade material utilising Oxford BioMedica's LentiVector gene deliverytechnology.
Peel Hunt upgrades its revenue forecasts for Oxford after the agreement,which it says is a useful deal that provides further validation of itsLentivector IP and utilises capacity in its manufacturing facility.
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