Footsie breathing down SHAREtrack's neck - Archive - Accountancy and Advisers - Business Weekly

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Footsie breathing down SHAREtrack's neck

Written by Business Weekly

Tuesday, 26 June 2007

The SHAREtrack 100 - in association with PricewaterhouseCoopers - index fell 3 per cent last week to 6659 with all six of the top constituents falling by more than 4 per cent. Markets in the UK and overseas experienced a turbulent week and most stock markets fell over the period. Yields on bond markets continued their rise as well.

After having opened up a considerable lead on the FTSE 100 earlier in 2007, FTSE has closed the gap to a mere 91 points.

There were a number of positive features amongst the SHAREtrack companies; 32 constituents rose over the week, with three stocks improving by more than 10 per cent.

The list of risers was led by ITM Power, up 25 per cent, albeit without any news item. Amino Technologies were up 18 per cent, and InterCytex up 11 per cent. Intercytex's recovery gained further impetus today when the publication of a major medical breakthrough sent its shares up a further 13 per cent in early trading.

Amino Technologies announced a major deployment of its latest MPEG-4 set-top box. SureWest Communications, is deploying the AmiNET130 HD IPTV set-top box as it continues to focus on delivering increasingly advanced digital IP television services to its customers.

Sarantel Group reported higher losses of £3.2m for the first half against £2.7m last year and warned that its full-year sales will not match last year. Sarantel says that major original equipment manufacturers confirm that its technology is becoming increasingly relevant for the hand-portable GPS market and, as this market develops, it expects to be able to resume sales growth. The COO Bill Taylor, and directors Philip David and Colin Tucker are stepping down from the board with immediate effect.

Ant extended the losses of the previous week, in which it fell 19 per cent, with a further 14 per cent decline. Last weeks' came after it issued a trading statement that sales would come in below expectations .

The share price of CeNeS Pharmaceuticals fell 14% despite the the company saying fresh data has doubled the peak sales opportunity for its short-acting sedative CNS 7056 to £400m. On the basis of this successful outcome, the compound will be developed for the indications of induction and maintenance of anaesthesia in addition to sedation for day-case procedures. The first full academic paper on CNS 7056 will be published in the July issue of the journal 'Anesthesiology'.

24 June 2007:

SHAREtrack - 6,659.23 down 3 per cent

FTSE 100 - 6,567.4 down 2.5 per cent

(The SHAREtrack was rebased to the FTSE 100 on 19 September 2006)

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