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Penny Share Review 208

Monday 03 November 2003

Saturday's Daily Express briefly reports on the 3.75p rise in African Eagle Resources (AFE) on Friday, following a positive update from its exploration licence in Zambia. On Monday morning the stock traded 1p lower at 19.75p.

The Daily Mail on Saturday says that dealers expect bullish newsflow from CybIT Holdings (CYH) over the coming weeks. The stock continued to advance on Monday, rising 0.75p, representing an increase of 21.7% to 4.20p.

Saturday's Daily Mail advises readers to read the small print before making up their mind about Galahad Capital's (GLA) acquisition of Shambhala Gold, due to the Company's projects being very early stage and the price tag of £41m looking "hefty". The article concludes, "the timing looks good, with the gold price climbing. But this is high risk stuff". Shares in Galahad nudged up 0.38p to 14.75p on Monday morning.

Several papers report on the two-hour suspension in the shares of Tecc-IS (TIS.L) on Friday, following the resignation of the nominated advisor and three non-executive directors. According to the Financial Times, the dispute arose because the non-executive directors would not approve the proposed acquisition of a 51% stake in Italian self-storage company, Espazio. The stock remained unchanged at 8.25p on Monday.

Saturday's Daily Telegraph comments on the large volume of shares traded in Virtue Broadcasting (VTB.L) late last week and speculates that this was "due to bid chatter", although the paper notes the comments of one trader who pointed out that the company directors recently acquired some shares. On Monday morning the shares moved 0.88p higher to 7.25p.

NB: Monday morning prices quoted above were taken at the time of going to press, at just after 10.30am.

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.

Advanced Technology (AVT.L) - Director warrant purchase
Alltracel Pharma (AP.L) - Marketing launch.
Arc Risk Management (ARC.L) - Interim results and director appointment.
Bede (BED) - Board appointment.
i-documentsystems Group (IDOX) - Targets achieved.
Motion Media (MMD.L) - Distributor appointment.
Tandem (TND) - Water Waiter Ltd disposal.

Look Out For This Week

Nov 3, Monday - Manufacturing purchasing managers index and CBI retail sales survey.
Nov 4, Tuesday - nothing of note.
Nov 5, Wednesday - Leisure Ventures (LSV.L) final results.
Nov 6, Thursday - Bank of England interest rate decision.
Nov 7, Friday - US non-farm payrolls.

The next Penny Share Review will be posted on Monday, 10 November 2003.

Compiled by J Robertson

Penny Shares Online - penny shares research and information service.