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Penny Share Review 159

Monday 18 November 2002

The Weekend's Comments

Conveniently ahead of an announcement today by Cambridge Mineral Resources (CMR), The Sunday Telegraph advised readers to "hang on in there", having tipped the shares last year when they were 22.5p. Editor Mark Fletcher reasoned that Newmont Mining's exit was strategic rather than anything sinister about the Lomero-Poyatos deposit in Spain. Sure enough, this morning the Company released a report by independent engineers SRK, which upped the resource estimate at L-P to 2.1 million ounces of gold. At one stage up by 3p, they had settled to 9p-10.5p by 09:35 this morning, a rise of 1.5p from Friday.

Simon Watkins, writing in the Financial Mail on Sunday, highlighted recent gains in the price of Ennstone (ENN) shares. Rumours are circulating of a potential bid by larger rival Aggregate Industries and even without one imminently, it is reckoned that "Ennstone will be swallowed in the long run." Interestingly, Aggregate already owns an 8% slice of Ennstone, so they are no strangers to the business. Despite the comment, the shares were unchanged from Friday's close at 32.5p-33p.

'Electronic nose' company Osmetech (OMH) featured in Geoff Foster's column in Saturday's Daily Mail. Large share volume has gone through the market (37m on Friday and another 7.7m by 9:35 this morning), including one seller of 7.9m that was taken out. The overhang pressure being relieved, Mr Foster believed the stock to be "ripe for a rally." By 9:35am, the shares had firmed 0.25p on the bid to 2.25p, with 2.5p the same asking price as Friday's close.

The Guardian (Saturday) included a small piece on Intelliplus (IPS.L), strangely calling it a "cash shell", which won't please the telecoms to web company's management! "Whispers", they said, suggested that the company "has deals in the pipeline." Nevertheless, the rumours had not affected the share price and they were unchanged at 1.25p-1.5p today.

The change of management at Oxus Mining (OXS) gained a small mention in The Times on Saturday. Largest shareholder MAED now looks unlikely to launch a full-scale bid, now that its representative, William Trew, has been appointed Oxus's Chief Executive. The shares are 5.5p-7p, unchanged.

Today's 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.

Cambridge Mineral Resources (CMR) Update on Lomero-Poyatos
IDN Telecom (IDN) Interim Results

Look Out For This Week

18 Nov - IDN Telecom (IDN) Interims, MICE Group (MEG) Interims. CBI Small & Medium Trends Survey.
19 Nov - US Trade Deficit (September), European Industrial Production (September).
20 Nov - Cardpoint (CASH) Final Results. Bank of England MPC meeting minutes (November), UK M4 lending (October), CBI monthly industrial trends survey. US housing starts (October).
21 Nov - UK retail sales (October). US jobless claims and treasury budget (October).
22 Nov - No UK/US data scheduled.

Compiled by Andrew Thacker

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