Beyond the Footsie: Friday close

SMALL caps closed sharply lower, weighed down by a much weaker-than-expected US labour market report and the seemingly relentless strength of crude oil.

The FTSE Small-Cap index closed 17.9 points lower at 2,447.0, while the FTSE 100 plunged 75.5 lower to 4,337.9.

Ramco Energy was among the biggest casualties today, plunging around 30% following an update from the Seven Heads gas field and 'sell' advice in the Investors Chronicle.

The Aberdeen-based exploration and production group, which the IC reckons could go 'bust', said average daily production from the Seven Heads gas field in the Celtic Sea reached 20.3m standard cubic feet in July.

Shares dumped 14p to close at 33p.

Also losing out was Fulcrum Pharma, which plummetted 24% after the drugs minnow warned that the profits in the current financial year will be significantly below expectations. It blamed 'challenging' market conditions in the EU.

Meanwhile, Millfield Group lost around 30% of its value after announcing an all-paper takeover of Inter-Alliance Group. The deal, creating the UK's largest national independent financial adviser, values Inter-Alliance at £11.35m.

Millfield shares slumped 18p to 41p, although Inter-Alliance jumped 0.3p, or 53%, to 0.87p.

Hopes of a deal with the NHS saw Energy Technique rally 1.13p to 7p. The company is behind the Nightingale air filtration unit that kills the MRSA hospital superbug, and will address a health commission looking into the superbug crisis.

International Real Estate was another steep riser, adding 11p to 82 1/2p, on news of the €71.2m (£50m)sale of the company's leasehold office building IT Tower in Brussels to a consortium of Irish investors led by Bank of Ireland Private Banking.

Meawnhile, Reefton Mining added 0.38p to close at 2.75p on the back of its latest production report. The group said it recovered 150 high quality diamonds weighing 21 carats from the Target 16 area within the 10 Metre Beach Series of the Mowe Bay Sector on the Skeleton Coast in Namibia.

Bullish trading saw Accident Exchange gain 8 1/2p to 67p. The vehicle replacement specialist said trading in the current financial year is significantly ahead of market expectations.

And County Contact Centres took on 1p to 10.5p after posting narrower full year losses after turning a profit in the second half of the year.

For the year to Dec 30 2003, the group posted a loss of £177,681 against a loss of £839,936 last year.