Hot small caps: Phytopharm tumbles on Unilever withdrawal

Fri Nov 14, 2008 4:46pm GMT

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LONDON (Reuters) - Following is a round-up of key small cap movers on the London stock market on Friday.

3:41 p.m. -Phytopharm tumbles on Unilever withdrawal

Shares in plants-to-drugs company Phytopharm (PYM.L) plummet over 30 percent after the company announces that development partner Unilever UNLC.CI has pulled out of a deal to develop its Hoodia extract product.

Edison analyst Robin Davison says he believes that Hoodia and the Unilever deal represent about half the value of the company.

3:33 p.m. - Cookson up on chairman share purchase

Shares in Cookson Group (CKSN.L), the British industrial materials company, climb 10.4 percent as company says chairman Robert Beeston purchases 75,000 shares at 113.6 pence.

The news provides welcome relief after the company's shares have taken a hammering since Tuesday's warning that its 2008 performance would fall short of management expectations and end-market weakness would continue into next year.

Cookson's value has fallen over a third since Monday to 115.75 pence from 172 pence.

Insider sales not a sell signal

U.S. corporate bosses are likely to sell more of their companies' stock through to the end of the year, but that does not mean share prices have topped. Full Article