LONDON (Thomson Financial) - UK small caps climbed higher at midday, reflecting the positive mood of the wider market, with Sanatana Diamonds the top riser after its Kimberlite discovery.
At 12.05 pm, the FTSE Small Cap index was 4.30 points up at 3,792.70, while the FTSE 100 was 33.40 points ahead at 6,533.80.
Sanatana Diamonds gained 4-1/2 pence to 20-1/2 as it announced a discovery of Kimberlite on the Greenhorn Project in the Northwest territories.
It said Kimberlite, a type of rock best known for containing diamonds, was intersected at a 5.5 metre depth during the drilling of a vertical hole on the G14 magnetic anomaly.
The new kimberlite has been named 'Dharma'.
Drilling is continuing in kimberlite at a greater than 145 metre depth and will continue as long as it remains in kimberlite or until the drill reaches the end of its supply of drilling rods at 250 metres, the company said in a statement.
Also buoyed by positive drilling news was Kalahari Minerals, which moved ahead 2-1/2 pence to 25-1/2 as it said it has received further positive drilling results from its Witvlei project in Namibia, prompting Evolution Securities to keep its 'buy' stance on the stock.
Completing the hat-trick was Lithic Metals which stayed higher, up 1 pence to 7, but slipped from an earlier high of 7-3/4 pence, on the back of encouraging nickel reach results from its Mitaba Hills Project in Zambia.
Intercede Group climbed 6 pence higher to 38-1/2, as the smart card and identity management software maker reported 'excellent' progress in the first-half to end September, adding its sales for the period rose more than 20 pct compared with the year-ago period, while provider of educational qualifications and assessment services Education Development International rose 2-1/2 pence to 37 as it predicted group adjusted operating profit of not less than 2 mln stg for the year.
Positive trading news also lifted Redhall Group 10 pence to 250 as the specialist engineering support services group revealed another year of strong growth and confirmed that full-year results are anticipated to be slightly ahead of market expectations.
Each of the group's three operating divisions has seen material improvement in trading year on year.
Elsewhere, on a more modest note Landround ticked up 1 to 17-1/2 after the AIM-listed rewards programme and promotions group disclosed narrowing losses at the half-way mark, while Lighthouse Group, 2 pence higher to 25, said it did not see any reason for the recent movement in the group's share price, but said current trading remains strong, with full-year results expected to be in line with expectations.
Specialty drug company Vernalis ticked up 2 pence to 17-1/2 after its executive chairman Peter Fellner bought 252,000 shares at 16.25 pence each, lifting his stake to 415,888 shares or 0.133 pct of the company's issued share capital.
Meanwhile, a contract win for Nasstar lifted shares 2-1/2 pence to 38, as the software supplier said it had won a contract of undisclosed value to provide electronic communications and services to Stelios Haji-Ioannou's easyGroup.
AIM-listed Nasstar said it would supply easyGroup's easyCar, easyBus,
easyHotel and easyCruise businesses with hosted desktop, hosted exchange email,
hosted BlackBerry and hosted sharepoint services.
The contract is for an initial period of 1 year with an immediate
requirement of more than 130 users subscribing for a combination of Nasstar's
on-demand services, Nasstar said.
Meanwhile car dealership group Lookers shifted up a gear, adding 4-1/4 to 142, following the acquisition of rival Dutton Forshaw Group from Lloyds TSB Asset Finance Division for up to 60 mln stg, prompting KBC Peel Hunt to keep
its 'buy' rating on the stock and 250 pence price target.
In a statement earlier today, the company said the deal comprises a payment
of about 28 mln stg for the entire issued share capital of Dutton Forshaw and
the assumption of a maximum of 32 mln stg of debt.
At 12.05 pm, the FTSE Small Cap index was 4.30 points up at 3,792.70, while the FTSE 100 was 33.40 points ahead at 6,533.80.
Sanatana Diamonds gained 4-1/2 pence to 20-1/2 as it announced a discovery of Kimberlite on the Greenhorn Project in the Northwest territories.
It said Kimberlite, a type of rock best known for containing diamonds, was intersected at a 5.5 metre depth during the drilling of a vertical hole on the G14 magnetic anomaly.
The new kimberlite has been named 'Dharma'.
Drilling is continuing in kimberlite at a greater than 145 metre depth and will continue as long as it remains in kimberlite or until the drill reaches the end of its supply of drilling rods at 250 metres, the company said in a statement.
Also buoyed by positive drilling news was Kalahari Minerals, which moved ahead 2-1/2 pence to 25-1/2 as it said it has received further positive drilling results from its Witvlei project in Namibia, prompting Evolution Securities to keep its 'buy' stance on the stock.
Completing the hat-trick was Lithic Metals which stayed higher, up 1 pence to 7, but slipped from an earlier high of 7-3/4 pence, on the back of encouraging nickel reach results from its Mitaba Hills Project in Zambia.
Intercede Group climbed 6 pence higher to 38-1/2, as the smart card and identity management software maker reported 'excellent' progress in the first-half to end September, adding its sales for the period rose more than 20 pct compared with the year-ago period, while provider of educational qualifications and assessment services Education Development International rose 2-1/2 pence to 37 as it predicted group adjusted operating profit of not less than 2 mln stg for the year.
Positive trading news also lifted Redhall Group 10 pence to 250 as the specialist engineering support services group revealed another year of strong growth and confirmed that full-year results are anticipated to be slightly ahead of market expectations.
Each of the group's three operating divisions has seen material improvement in trading year on year.
Elsewhere, on a more modest note Landround ticked up 1 to 17-1/2 after the AIM-listed rewards programme and promotions group disclosed narrowing losses at the half-way mark, while Lighthouse Group, 2 pence higher to 25, said it did not see any reason for the recent movement in the group's share price, but said current trading remains strong, with full-year results expected to be in line with expectations.
Specialty drug company Vernalis ticked up 2 pence to 17-1/2 after its executive chairman Peter Fellner bought 252,000 shares at 16.25 pence each, lifting his stake to 415,888 shares or 0.133 pct of the company's issued share capital.
Meanwhile, a contract win for Nasstar lifted shares 2-1/2 pence to 38, as the software supplier said it had won a contract of undisclosed value to provide electronic communications and services to Stelios Haji-Ioannou's easyGroup.
AIM-listed Nasstar said it would supply easyGroup's easyCar, easyBus,
easyHotel and easyCruise businesses with hosted desktop, hosted exchange email,
hosted BlackBerry and hosted sharepoint services.
The contract is for an initial period of 1 year with an immediate
requirement of more than 130 users subscribing for a combination of Nasstar's
on-demand services, Nasstar said.
Meanwhile car dealership group Lookers shifted up a gear, adding 4-1/4 to 142, following the acquisition of rival Dutton Forshaw Group from Lloyds TSB Asset Finance Division for up to 60 mln stg, prompting KBC Peel Hunt to keep
its 'buy' rating on the stock and 250 pence price target.
In a statement earlier today, the company said the deal comprises a payment
of about 28 mln stg for the entire issued share capital of Dutton Forshaw and
the assumption of a maximum of 32 mln stg of debt.
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