Jitters give FTSE rollercoaster ride

Nov 28 2007 by Peter McCusker, The Journal

NERVOUSNESS over the impact of the credit crunch ensured that the FTSE 100 Index experienced another day of volatility.

The index ended the day 39.8 points lower at 6140.70 despite a positive start from the US market.

In a busy week for company reporting, Opsec Security gave interim results for the six months September 30.

Opsec is the single-source global provider of anti-counterfeiting and brand protection.

The company’s pre-tax profits fell from £2.76m a year earlier to £859,000, but this was due to an expected reduction in profits derived form its joint venture, 3dcd.

Group turnover was up 13% to £16.3m and Opsec was pleased to announce a strong trading performance across all markets.

Opsec’s American operation achieved strong growth in revenue – up 25% – although the weakness of the dollar continues to have an impact when the results are translated into sterling. Elsewhere, the European operation achieved a third consecutive year of record results.

Chairman David Mahoney said: “The forward order book for all of our markets is robust and it is, therefore, expected that we will trade strongly in the second half of the year.” The Opsec share price closed 1.5p lower at 57.5p.

Elsewhere in the regional portfolio, Northern Investors, an investment trust managed by NVM Private Equity Ltd, also announced interim results to September 30.

Net asset value per share increased from 260.8p to 286.3p and the company said this could be attributed to strong performances in its core market of high technology industrial instrumentation. Shares ended the day up 1.5p at 223p.

The strongest performance in the regional list came from Northern Rock, with shares up 7.8% at 119p by the close of business on continued hopes a Virgin-led consortium might turn around its fortunes.

Fiona Erdozain Fiona.erdozain@wise-speke.co.uk