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Penny Share Review 465

Monday 03 November 2008

Decline in the shares of Albidon (ALD) has been more due to stock market conditions and nickel prices than underlying problems, according to the Mail on Sunday. The piece noted that the Company has moved from exploration to production and that brokers expect profits of more than £17m this year, rising to £100m in 2009. It concluded that the business should benefit when nickel prices start to rebound, and rated the stock as a ‘buy’. It seemed that this advice was being listened to during Monday morning’s trading, where the shares added 10.00p to reach 29.00p.

The weekend’s Financial Times noted increase in the price of Empyrean Energy (EME) following a positive update on its Sugarloaf prospect, and that analysts said additional drilling work was expected. Further operational news emerged earlier today, however the price was 3.00p lower at 39.00p.

Ennstone (ENN) stock fell after 23m shares changed hands at 3.8p, according to the FT at the weekend. It stated that dealers believed the deal was likely to involve Guinness Peat, the activist investment group that recently built a 5 % stake. The price was up 0.18p at 4.88p following this press comment.

First Artist Corporation (FAN) appeared in today’s Daily Express. The article highlighted that the Group now straddled New York’s Broadway and London’s West End, following its deal with SpotCo, and that this marked a ‘step change’ for the business from management of artists and sports operations. The shares were 4.00p better off at 23.50p this morning.

Saturday’s Times reported the departure of David Marks and Robert Weigl, directors of SectorGuard (SGD), following a dispute. Mark Higgins, who becomes chief Executive, reportedly voted against the accounts due to concerns the business was being run like ‘a private company’, according to the newspaper. This seemed not to have any bearing on the share price however, which remained 1.625p earlier.

Prices above were taken at around 10:57am on Monday, 3 November 2008.

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 Minerals (CMR): Holding in Company.

Empyrean Energy (EME): Sugarloaf Update Block B and Holdings in Company.

GMA Resources (GMA): Operations Update.

Nighthawk Energy (HAWK): Jolly Ranch Update.

Red24 (REDT): Holdings in Company.

Timestrip (TIME): Directorate Change.

Vision Media Group (VMG): Placing.

Zambezi Resources (ZRL): Suspension of trading on AIM.

ZYZYGY (ZYZ): Placing of shares.

Look out for this week

Monday, 3 November – PMI Manufacturing Survey. Halifax House Price Index (October).

Tuesday, 4 November – PMI Construction Survey.

Wednesday, 5 November – Nationwide Consumer Confidence (October). CIPS Services Survey (October).

Thursday, 6 November – Bank of England Interest Rate Decision.

Friday, 7 November – Nothing of note.

The next Penny Share Review will be posted on Monday, 10 November 2008.

Compiled by Chris Richards

Penny Shares Online - penny shares research and information service.