Beyond the Footsie: Monday close

13 April 2012

SHARES in smaller companies closed near session highs. At the close, the FTSE Small Cap index was 12.3 points higher at 2,419.5, just slipping from its day high of 2,420.0.

Incepta climbed 382.5% or 76 1/2p to close at 96 1/2p, after the group said second quarter trading had been 'somewhat stronger' since the supposed end of the Iraq war. It said gross revenue in the first half was broadly in-line with the second half last year.

The company said it expects to generate further savings of about £3.5m annually, mainly through staff cuts, which will result in an exceptional charge approaching £2m in the first half of the year.

Incepta maintained its cautious outlook and said it will continue to do so until there is clearer evidence of a sustained general recovery.

Griffin Mining added 1.87p to close at 20.87p as the market welcomed news of potential expansion in China. Last week the company revealed it has raised £1.68m via the issue of fresh equity, which will put it in a strong position if this week's feasibility study of the company's main prospect, the Caijiaying goldmine in China, proves positive.

Shares in Edinburgh Fund Managers shot up 12 1/2p to close at 84p after a weekend press report that Aberdeen Asset Management has emerged as the lead contender to take over the troubled fund manager, in a deal supported by New Star Asset Management.

Other risers included Tecteon, which rose 0.87p to 5.37p, and Selector, up 3/4p at 3 1/2p, after both companies saw successful share placings.

Peterhouse neared the top of the decliners list, dropping 54p to 229 1/2p, after the group warned that its second-half performance will be significantly below both market expectations and last year's results.

In a statement alongside its first half results, executive chairman David Jackson said that despite the strong performance of its rail businesses, the board was disappointed with the performance of the group overall in the latter part of the period, particularly in Eve Trakway.

AFA Systems was also hit by financial results, closing down 3p at 20p. AFA said its operating loss before exceptionals and goodwill was largely unchanged for the first half due to continued difficult market conditions. Sales fell to £2.85m from £3.14m for the interim period.

The group was not entirely downbeat. Chairman Mike Hart said: 'With some recovery evident since May, we anticipate a more favourable market for the remainder of the year driven by an upturn in spending by existing customers and improvements in the sales pipeline.'

Last week's rally amongst technology issues faded, sending tech shares lower. Broadgate IT dropped ¼p to 1 3/4p, while Formscan closed down 2p at 15 1/2p and Digital Class shed 1/4p to 15 1/2p.

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