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Penny Share Review 499

Monday 29 June 2009

Penny Share Review 499 African Eagle Resources (AFE) appeared in The Independent today, suggesting that last week’s news would be greeted with “cautious optimism”, given the paper’s belief that one of the hardest-hit sectors on AIM in recent months was speculative mining explorers. However, the article concluded, “not bad progress”, and the shares were 0.50p better off at 7.625p following this attention.

Saturday’s Daily Mail drew attention to Friday’s announcement from Altona Energy (ANR), reporting the joint venture with CNOOC. The piece detailed Broker Ambrian’s 10p target price and description of the deal as, “a huge step forward”. Nevertheless, the shares were 0.025p weaker this morning, at 5.10p.

Shares in Nighthawk Energy (HAWK) rebounded on suggestion that the Company was “poised to announce another asset disposal, which will help allay concerns over its finances”, according to the Daily Express on Saturday. The positive momentum appeared to spill over into this week, where the stock increased by 0.75p to 36.75p.

Prices above were taken at 10:44am on Monday, 29 June 2009.

Announcements

The following companies, in which City Equities customers may have an interest, released announcements to the market this morning. These can be found by entering the relevant company name or ticker code in the search box on this site.

Advanced Medical Solutions (AMS): Holdings in Company.

Ariana Resources (AAU): First Gold Production.

CoffeeHeaven International (COH): Holdings in Company.

Essentially Group (ESN): Directors’ Shareholding and Final Results.

First Artist Corporation (FAN): Equity Placing, Update and Board Change.

GMA Resources (GMA): Availability of Report & Accounts and AGM Notice.

Kiotech International (KIO): Doc re. Japanese Commercial Fishing Trial.

Mavinwood (MVW): Completion of Disposal.

Meridian Petroleum (MRP): Sale of Orion Interest.

Providence Resources (PVR): Operational Update – Dunquin.

Look out for this week

Monday, 29 June – Results from Essentially Group (ESN). BSA Savings & Mortgage Lending Figures (May).

Tuesday, 30 June – UK Consumer Confidence Survey (June). Nationwide Monthly Housing Review (June).

Wednesday, 1 July – CIPS Manufacturing PMI (June). UK Monthly Service Sector Figures (April).

Thursday, 2 July – CIPS Construction PMI (June).

Friday, 3 July – CIPS Services PMI (June).

Diary items source: Fidessa.

The next Penny Share Review will be posted on Monday, 6 July 2009.

Compiled by Chris Richards.




Risk Warning

There is an extra risk of losing money when shares are bought in some smaller companies including 'Penny Shares'. There is a big difference between the buying price and the selling price of these shares. If they have to be sold immediately, you may get back much less than you paid for them or you may have difficulty in selling them. Past performance is not a reliable indicator of future results. The price may change quickly and it may go down as well as up. You could lose every penny put into a particular share.

The information contained above has been compiled from documented sources which are believed to be reliable but, due to their very nature, are subject to a degree of historical inaccuracy and have not been independently verified and cannot be guaranteed. The pages on this website are provided for information only. City Equities Limited will not accept responsibility for loss incurred by any person or body acting, or refraining from acting, as a result of information and/or opinions given anywhere on this website. Issued by City Equities Limited, Aldermary House, 10-15 Queen Street, London, EC4N 1TY. Registered in England. Registered No. 2742847. Registered Address: Amwell House, 19 Amwell Street, Hoddesdon, Herts. EN11 8TS. City Equities Limited is Authorised and regulated by the Financial Services Authority. Registration No. 155051.