Beyond the Footsie: Monday close

12 April 2012

SHARES in UK smaller companies closed higher, bucking the weaker market as investors welcomed some merger and acquisition activity. The FTSE SmallCap index closed up 2.90 points at 2614.90.

Gullane Entertainment, the company behind Thomas the Tank Engine, soared 100p to 480p on news that its bigger rival has revived its bid approach. HIT Entertainment, producer of Bob the Builder, said it was willing to pay around 500p a share, valuing Gullane at £155m. However this figure is £77.5m less than it bid in 2000.

Elsewhere in the sector Chorion rose 1/4p to 8 3/4p after the company said it had acquired rights to the works of Nicolas Freeling, author of the Van der Valk detective novels.

Developer Quintain Estates edged 2p higher to 245p on reports that its consortium is set to be given the Millennium Dome and 200 acres of development land on the Greenwich Peninsular, East London.

Retailers were also in demand. Monsoon gained 3 1/2p to 135 1/2p after the clothing and interior furnishings group disclosed a sharp jump in like-for-like sales.

Toy store group Hamleys climbed 5p to 165 as news of good trading at its Hamleys and Bear Factory outlets outweighed flat full-year profits.

Blacks Leisure rose 10 1/2p to 254p after reporting an expected drop in profits together with news that total sales for the 11 weeks to 18 May had risen 44%.

In the pharmaceuticals sector, AIM-listed Cytomyx advanced 1/4p to 2p after the drug discovery firm revealed a gene cloning contract with German biotech m-phasys.

But KS Biomedix slipped 3p to 66 1/2p. The firm has scrapped the development of its KSB302 drug for rheumatoid arthritis after it failed clinical trials.

Shares in TV production firm PrimeEnt slumped 0.15p, or 58%, to 0.11p following news of widening full-year losses. Electronic design software maker TransEDA lost 5p to 9 1/2p after it warned full-year sales would disappoint.

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