Beyond the Footsie: Tuesday close

13 April 2012

SMALL caps closed lower, pinned down by a weak broader market, as concerns over high oil prices outweighed what was largely a positive day for smaller company news.

By the close, the FTSE Smallcap index was down 7.3 points at 2,501.1, while the FTSE 100 was down 8 points at 4,422.7.

Tertiary Minerals ended the day sharply higher, climbing 2 1/2p to 13p after reporting encouraging drilling results from its Ahmavuoma operation in northern Sweden.

The group confirmed the existence of a significant iron-oxide copper gold mineralised system.

And shares in First Calgary also received a boost after revealing positive initial results from the drilling of ZCH-1, an exploration well in Algeria.

First Calgary said its initial drilling at the well indicates the presence of 60 metres of net oil pay over multiple intervals. First Calgary shares added 61 pence to 495.

Estates & General remained among the gainers, up 40p at 252 1/2p after the property firm agreed to a 255p a share takeover bid from privately-owned peer Winten, valuing the group at around £70.7m.

Winten said it has already won undertakings to accept the offer from shareholders with 75.2% of the shares.

Shares in Theo Fennell also sparkled, adding 1 1/2p to 26 1/2p as investors reacted to a strong set of final results from the upmarket jeweller.

Theo Fennell saw its full year pre-tax profit more than triple to £370,186 from £95,788 a year earlier.

Elsewhere, new issue Hightower Construction enjoyed a strong market debut, closing at 8.87p from an issue price of 5p.

The company, which currently has no trading businesses, has been formed to acquire operations which provide services to the UK housebuilding sector.

Meanwhile, positive trading news gave a lift to I-document Systems, with its shares climbing 1 1/4p higher to 11p.

The group said trading for the six month period to April 30 was in line with analyst expectations and said it is encouraged by the current progress and is on track for its stated aim of moving into sustained profitability.

Elsewhere, Provalis ended up 0.88p at 7p, after the firm said clinical trials on its 'G5' diabetes diagnostic test are nearing completion.

Provalis said it plans to file for regulatory approval in the US from the Food and Drug Administration by the end of June and expects to launch the test on schedule this Autumn.

On the downside, Sherwood fell 0.50p to 10p after issuing a disappointing trading statement.

The group said it expects underlying trading performance in the current year to December to be disappointing.

In a statement, chairman Noel Jervis said the designer and supplier of garments, saw deliveries up 8% year-on-year in the first 21 weeks of the year, while the 2004 spring season order book volumes were satisfactory.

'However, such a growth rate is not expected to be sustained over the year as a whole, with the autumn 2004 order book lower than last year,' he said.

Division 1 football group Millwall dropped 0.01p to 0.18p, as investors continued to take profits following the club's FA Cup final defeat 10 days ago, since which the shares have lost almost 20%.

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