Wednesday March 26, 05:04 PM
UK small caps close lower; Metal-Tech stays heavy-hit after profit warning
LONDON (Thomson Financial) - UK small caps closed lower today, matching the slight weakness in the wider market, with Metal-Tech staying firmly put as the biggest faller after a full-year profit warning.
At the close, the FTSE Small
Cap index was 7.5 points down on 3,006.4, while the FTSE 100 index dipped 28.7 points to 5,660.4.
Metal-Tech was a big casualty, shedding nearly 40 pct of its value with a 40 pence slide to 61 pence, as it issued a profit warning despite meeting its revenue targets.
This prompted Panmure Gordon to place its 'buy' recommendation and estimates under review.
Bateman Litwin fell further this afternoon and closed 57 off on 175 after a cautious outlook statement and expectation of fewer contract awards at a new unit.
It (Frankfurt: A0MLX5 - news) offset an otherwise positive first-half update, and prompted Investec (LSE: INVP.L - news) to review its 'buy' rating and 370 pence price target on the group.
Mobile Streams (LSE: MOS.L - news) dipped 0-3/4 of a penny to 4-1/4 in reaction to sharply higher full-year losses.
Topps Tiles (LSE: TPT.L - news) dropped 8 to 114-3/4 as it said it sees lower first half pretax profit, dragged down by a hedging charge, with like-for-like sales to show decline.
It prompted WH Ireland and Seymour Pierce to both downgrade the stock, while Altium Securities initiated coverage with a 'sell' rating.
Dresdner Kleinwort cut its price target on Topps Tiles to 160 pence from 200 pence, but kept a 'buy' rating, saying it thinks the share price is factoring in far worse than is likely.
Regen Therapeutics (LSE: RGT.L - news) stayed 5 off on 35 after announcing it has entered into an equity credit facility agreement of up to 2 mln stg with Duke Holdings Corp Ltd to provide a drawdown of capital in exchange for shares in the company.
EAG dropped 11 to 75 as it said its chief executive David Lahar and non-executive director Jim Cowart are no longer considering a possible offer for the company.
Finally among the fallers, Uniq (LSE: UNIQ.L - news) stayed under pressure, down 7-1/4 to 100 following yesterday's final dividend omission and warning of delays in its recovery plan.
Turning to the risers, Cap-XX remained at the top of the pile with more than a 50 pct gain, up 10-1/2 to 31, as it signed a letter of intent with Murata Manufacturing Corp of Japan to establish a partnership to provide high performance supercapacitors to a range of sectors, notably the mobile handset industry.
SMC Group (LSE: SMC.L - news) rose further, finishing 3.375 up on 10 following an upbeat trading statement, in which the architectural and design company said it expects 2007 second-half underlying EBITDA of 3.7-4.0 mln stg, up from 1.2 mln stg reported in the first half.
In numbers news, TG21 (LSE: TGP.L - news) firmed up 1-3/4 on 7 following a pretax profit rise, with the company adding that field trials of new product developments such as EcoManager, aimed at reducing fuel costs, have been encouraging.
Positive results also lifted Libertas Capital 3-1/4 to 22-1/4, Autoclenz 7 to 56 and Concurrent Technologies 2-1/2 to 32.
Robotic Technology Systems climbed 0.625 of a penny to 8-1/2, as the company disclosed in-line full-year losses, recommended a special 2 pence final dividend and gave an upbeat assessment of prospects.
News of increased exploration activity and Puntland Government initiatives gave a boost to Range Resources (NYSE: RRC - news) , 4-3/4 up at 15.
Develica Deutschland (LSE: DDE.L - news) hardened 0.02 to 0.5575 eur as a director upped his stake in the AIM-quoted German property investment company to 1.45 pct of the equity.
Motive Television (LSE: MTV.L - news) rose 0.175 of a penny to 1.15 as it said its Manchester (MNCS.OB - news) -based TV production unit, Scarlet Television Ltd, is expecting additional revenues of about 900,000 stg from its latest orders from SKY TV and ITV (LSE: ITV.L - news) .
Deal news boosted telematics service provider CybIT Holdings 3-1/2 to 47-1/2, as the group won new business, contract renewals and extensions for its Fleetstar Vehicle Tracking System worth over 1.2 mln stg.
CybIT said it is confident of further new business wins.
Drug discovery company Henderson Morley (LSE: HML.L - news) stayed 0.075 of a penny up on 1.15 after signing a second collaborative research and material transfer deal with the Australian Centre for Vaccine Development, part of the Queensland Institute of Medical Research.
Finally, Angus & Ross stayed up 1 to 12-1/2 following news that the Greenland Bureau of Mines and Petroleum expects to issue the Black Angel mining licence in June.
The project will achieve full production during the first year, after which
230,000 tonnes of high grade ore is expected to be produced in each subsequent year.
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