Stocks News Europe: UK small caps edge higher, outperform market
24/03/2014 11:13
The FTSE small cap index .FTSC rises 0.2 percent, outperforming junior-listed AIM shares .FTAI , mid-caps .FTMC and blue chips .FTSE , down between 0.5 percent and 0.6 percent. Shares in Earthport EPO.L rise 7.4 percent to 47.75 pence as the cross-border payments services firm wins a contract to provide solutions for high-volume, low-value transactions to U.S. lender PNC Bank. ID:nRSX9417Ca "The contract is still in the implementation stage and no financial details have been disclosed, however, this... is encouraging and underlines (Earthport's) growing influence in its market," analysts at Panmure Gordon, which acts as corporate broker to Earthport in Britain, write in a note. "We re-iterate our Buy recommendation and target price of 52 (pence)." AIM-listed Oilex OEX.L falls 7.9 percent to 3.61 pence as the oil explorer says it has had to take down a rig at the Cambay-77H well due to mechanical issues. ID:nRSX9791Ca "Oilex's progress in Cambay has been difficult and lengthy, and this latest interruption to the appraisal programme has continued the poor run," analysts at SP Angel write in a note. "There does come a point where you have to start to feel sorry for the Company, especially as the well isn't in an extreme topsides or sub surface environment, nor is it especially challenging technically." Reuters messaging rm://francesco.canepa.thomsonreuters.com@reuters.net Keywords: MARKETS EUROPE STOCKSNEWS