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STOCKS NEWS EUROPE-UK small caps close up 0.9 percent
March 1, 2012 / 4:46 PM / 6 years ago

STOCKS NEWS EUROPE-UK small caps close up 0.9 percent

The FTSE Small Cap index closes 0.9 percent higher, while the FTSE 100 index gains 1 percent, and the FTSE 250 index adds 0.8 percent.

IDOX rises 8 percent as the software and services group says in an AGM statement that trading in the first-quarter exceeded management expectations, with a particular feature having been positive organic revenue growth in both the public sector and engineering information management.

Timewave falls 6.1 percent after the racing and sports hedging business posts in line full-year results but suspends its final dividend payment to maintain cash for investment opportunities.

“We recognise that the removal of the dividend (8 percent yield) means shareholders are no longer being paid to wait. Consequently, we see the Timeweave story now being dominated by how management intends to deploy its resources from an investment perspective,” Investec says in a note, maintaining its “buy” rating and 40 pence target price on Timeweave.

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