Beyond the Footsie: Weds close

By THIS IS MONEY
Updated:

 

SMALLER company stocks closed a turbulent session sharply lower, mirroring fresh falls on the wider market and an early slump on Wall Street. The FTSE SmallCaps index dropped 38.6 points to 2237.2.

Doubts about company accounts continue to colour sentiment and a profits warning from US chipmaker AMD - its second in a month - weighed on the tech-heavy small caps.

MotionPoster, the advertising hoarding developer, was a chief casualty, plunging 2 3/4p to 2 1/4p after warning of a cash crisis. It said its £1m bank debt would be used up by the middle of this month.

Shares in Mobile Future were suspended on the Alternative Investment Market after it said it planned to wind up. The stock was frozen 3/4p, down 1/2p.

Anglesey Mining shed 1/4p to 1p when full-year results failed to inspire, and Energy Technique lost 1 1/2p to 4 3/4p after revealing full-year losses, from a small profit last year. The malaise surrounding tech issues pushed Quadranet down 0.33p to 0.17p, condemning it to first place on the small-cap losers' board.

There were some bright spots. Learning Technology collected 6 1/2p to 35p on news that chairman Sir Alan Sugar is to offer up to 40p a share for the 30.8% of the firm he doesn't already own.

IMS Maxims gained 1 1/4p to 9 1/4p after announcing that its £3.8m private finance initiative contract with the Clatterbridge Centre for Oncology NHS Trust was up and running.

Aortech, the developer of an electronic nose, leapt 2p to 27p after chief executive Bill Strachan bought another 41,000 shares at 24p each. Directors' buying also helped department store Beale, up 9p to 124p after non-executive Alison Richards bought 4,000 at 115p apiece.

Builder Birse Group rose 1 1/2p to 16 3/4p after returning to a full-year profit. And software company Financial Objects gained 2 1/2p to 41 1/2p. Trading for the six months ended 30 June was in line with expectations and it promised a return to profitability in the second half.

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