The FTSE Small Caps index closes flat, with the FTSE 250
index down 0.2 percent, while the FTSE 100 gains 0.3 percent.
Nanoco Group jumps 21.4 percent after the firm enters into a
global licensing agreement for its cadmium-free quantum dot technology with Dow
Electronic Materials, a unit of Dow Chemical for use in electronic
displays, prompting Nomura Code to upgrade its rating for the AIM-listed firm to
“buy” from “neutral”.
The financial details of the agreement wre not being disclosed though Nanoco
says it will receive royalty payments related to Dow`s sales of cadmium-free
quantum dots.
“Whilst it is disappointing that no financial details have been disclosed,
we believe Nanoco would have sought a significant multimillion dollar upfront
licensing fee, for the global exclusive manufacturing rights and therefore we
believe today’s announcement should be seen as financially significant,” Nomura
Code said in a note.
Findel falls 7.7 percent as the home shopping group’s broadly
in-line trading update leads Seymour Pierce to reduce its full-year 2013 pre-tax
profit forecast to 14.5 million pounds from 16.0 million pounds, with similar
revisions also made to its subsequent year forecasts.
“Management has made encouraging progress in improving performance of the
business but before we consider an upgrade to our recommendation, we need to see
a structural decline in net debt, forecast at circa 230 million pounds at end of
March 2013. In addition, most importantly, the stock has to look more attractive
on a sum of the parts basis,” Seymour Pierce says in a note, retaining its
“hold” rating on Findel.
Reuters messaging rm://jon.hopkins.thomsonreuters.com@reuters.net
