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Penny Share Review 547

Monday 07 June 2010

Please be advised that the Penny Share Review is being discontinued and this is the last that will be published.

If any client requires the latest information regarding shares held through City Equities Limited, they should ask their Dealer who will be happy to oblige.

As reported in the Weekend Financial Times and several other papers, there was a levered response to the shares of Desire Petroleum (DES) and Falkland Oil & Gas (FOGL) after neighbour Rockhopper Exploration’s well test results provided for upgraded reserve numbers and a decent rise in its stock price. Desire shares added a penny to 101p in early trade, while FOGL shaded 1.5p to 204.5p.

The investment by entrepreneurs Pierce Casey and Jon Moulton in Garner (GAR) featured as the sole stock in Derek Pain’s ‘No Pain, No Gain’ column in Saturday’s The Independent. Mr Pain walked readers through the various incarnations the Group has had, as E Upton & Sons, then Upton & Southern, to Garner and now another proposed change to Norman Broadbent. As Mr Pain noted, the beneficiaries of all the activity over the years are likely to have been the advisers to each deal, as shareholders have fared badly. However, with new investment and under the guidance of Messrs. Casey and the better-known Alchemy partner Moulton, Mr Pain believes “there must be a strong chance that this seemingly ever-changing business will start to post real progress.” Shares marked time at 3.375p this morning.

The Daily Mail (Saturday) picked-up on a small rise in the price of Judges Scientific (JDG) after broker WH Ireland’s buy recommendation and 265p target. Despite the extra coverage, the shares were unmoved on Monday, at 185p-mid.

The prices above were taken at around 09:30 on 7 June 2010.

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.

Aurelian Oil & Gas (AUL): Operations Update.

Central China Goldfields (GGG): Appointment of Michael Short as Non-Executive Director.

Imaginatik (IMTK): Directorate change.

Optare (OPE): Final Results.

Sound Oil (SOU): Citarum PSC: Operations Update.

Stratex International (STI): Megenta Gold Discovery Update.

ValiRx (VAL): Final Results.

Vyke Communications (VYKE): Final Results.

Look out for this week

Monday, 7 June – UK Bank of England narrow Money (May).

Tuesday, 8 June – UK BRC-KPMG Retail Sales Monitor (May), Manpower Quarterly UK Unemployment Survey (Q3).

Wednesday, 9 June – UK Shop Price Index (May), Nationwide Consumer Confidence Index (May), REC & KPMG Report on Jobs (May), UK trade (Apr), Bank of England MPC Meeting (Jun).

Thursday, 10 June – UK Bank of England Interest Rate Decision.

Friday, 11 June – UK Monthly Industrial Production (Apr), Bank of England / Gfk NOP Quarterly Inflation Attitudes Survey (May), UK producer prices (May), NIEST Monthly GDP Estimates (May).

Diary items source: Fidessa.

Compiled by Andrew Thacker.




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.