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HOME arrow Registration
SHAREtrack rushes toward the surface
Written by Sam Fountain   
Tuesday, 01 April 2008
Bobbing in the tempestuous sea of the world's markets, stocks in the UK are once again making ground in the long climb back to their lofty heights of Summer 2007, with Business Weekly's index no exception.

Having the most ground to make up, the SHAREtrack index - sponsored by PricewaterhouseCoopers - is leading the ascent, adding a massive five per cent during the week, its highest gain since the end of January.

As is commonly the case, the index's progress was governed by movement in its largest constituents, with all but one of the companies in the SHAREtrack with market caps over £1bn making gains this week.

The big hitters have swelled in number during the period, with the UK's largest food distributer, Premier Foods rejoining the ranks, gaining 13 per cent after it eased debt concerns by halving its dividend for the year.

The week's largest gain in value however, was builder's merchants Travis Perkins, which gained 108p, or 11 per cent, on the back of a 2.9 per cent increase in second-half profits and in spite of doubts about the year's DIY market.

Not far behind was the region's biggest software firm, Autonomy, which gained 97p, or 11 per cent, after announcing that it had been selected as preferred partner for enterprise search and high-end information processing by Logica.

Staying in the big-league, superchip designer, ARM made substantial gains on news that a recovery of chip prices may be imminent, climbing nine per cent despite the fact that broker Morgan Stanley downgraded its shares to underweight.

Onto the fallers, which was populated by only one-third of the index's constituents, less than half of the usual quota of late, filtering antenna-maker, Sarantel received this week's wooden spoon. The Wellingborough-based company fell 39 per cent in the face of narrowed losses and a £3m fundraising posted during the week.

Recent regular fixtures also made an appearance near the bottom, with cleaning services firm, Zenith dropping 28 per cent and greeting products manufacturer, International Greetings shedding 22 per cent.

On the upside, Fabless semiconductor firm, Cyan has rocketed a stellar 132 per cent since unveiling its new, restructured strategy, with new CEO, Kenn Lamb at the helm. Despite posting widened pre-tax losses for the year, the company has forecast a major turnaround in fortunes after completing a restructuring process.

Also making great headway were Concurrent Technologies, which grew 30 per cent after posting increased full year profits and announcing a new design facility in Bangalore, India, and alternative energy innovator, ITM Power, which released news of a new collaboration with Roush which could speed up the use of hydrogen-powered commercial vehicles.
 
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