Beyond the Footsie: Wednesday close

13 April 2012

JARVIS shares were among the fallers as the smaller caps index closed with its second consecutive fall, matching a weak trend in the wider market, dealers said.

The FTSE Small Cap ended down 11 points to 2,653.1 - just 0.2 points above its lowest reading of the session.

Jarvis shares were among the weakest features, dropping around 10% after news yesterday that, along with Network Rail, it has accepted formal liability for all legally justified claims brought by the bereaved and injured over the Potters Bar crash that took place in May 2002.

According to press reports, Jarvis will be liable for the first £3m excess liability before its insurers take up the slack. 'While not devastating news for Jarvis in itself, it will further damage the group's reputation with potential clients,' said ABN Amro.

Separately, the support services company also confirmed it had potentially lost a £43.8m private finance initiative schools contract in Derby, East Midlands. And the group's West Coast Main line upgrade was reported have been cut by £2.4bn.

Shares in Jarvis finished the day down 12p to 100p.

Elsewhere, CFA Capital eased 0.25p to 1.25p after the group reacted to a recent rally in its share price by saying its trading or prospects had not changed since March.

Emerald Energy was lower by 0.28p at 2.24p after the Resources Investment Trust sold 15.8m shares. The trust still has 250m shares, or 5.98% of the total.

Widening losses and a lack of contract news pressured shares in video compression specialist Forbidden Technology, down 2 1/2p to 36p.

Among the risers, Angus & Ross firmed 1.25p to 10.25p on news its preliminary drilling and sampling programmes in Queensland, Australia, have been successful on all but one gold mine.

Contract news boosted shares in MOS International, up 0.1p pence to 1.47p. The oil industry consultant said it had won a $700,000 order to supply rig safety equipment.

European Motor Holdings was ahead 11p to 215p after full-year earnings from the auto dealership rose 25%, ahead of market expectations.

Investec repeated 'buy' advice on European Motor. 'With a benign interest rate environment, car sales are likely to remain buoyant and further outperformance is likely,' the broker said.

An upbeat trading statement pushed Atlantic Global higher by 4p to 63 1/2p. The computer software developer said trading was strong in the first quarter and remained bullish on its long-term prospects.

News that Profile Therapeutics has received US regulatory approval for its Prodose inhaler aided shares by 3p to 45 1/2p. The company also said it is still in bid talks, which have been ongoing for around 6 weeks.

And Cathay International was ahead a penny to 13.62p after it said full-year losses narrowed to $4.122m, although sales at the group's key hotels in China were impacted by the SARS crisis. Cathay added that it was 'actively seeking' new deals in China.

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