Positive comments boost Eaga
Oct 3 2008 by Peter McCusker, The Journal
THE market opened yesterday to news that UK house prices had experienced their sharpest fall since 1991.
House prices now stand 12% lower than a year ago, according to the latest figures from Nationwide.
Frenzied trading in Angel Biotechnology sent shares soaring 30% early on, before eventually closing 3.9% higher.
The company announced the successful completion of its first Human Tissue Authority inspection. Angel, which is valued at just under £2m, now provides clients wishing to develop cell therapeutic treatments a clear route to market their products.
Staying with the biotech sector, analysts at investment house KBC Peel Hunt cited Boldon-based Immunodiagnostics Systems as one of its top picks in the troubled sector. Meanwhile, GlaxoSmithKline ended the day 1% higher after settling some long-standing lawsuits regarding its antidepressant Paxil.
Shares in Eaga, the energy efficiency company, rose 5.5% to 138p. Eaga has recently enjoyed some positive analyst comments amidst government plans to increase funding to tackle fuel poverty.
However, Northern Bear saw its shares drop nearly 6% . The group said that it continues to operate within its agreed banking covenants. The building services company expects further opportunities to continue its acquisition strategy over the coming year.
Shares in oil pipeline company Wellstream and motoring Group Vertu Motors were also trading weaker, sliding 4% and 7% respectively.
Scott Farnetti, Investment Adviser Brewin Dolphin
