Markets: Aim action overshadows sluggish FTSE

By PETER RANSCOMBE
Published on 11/09/2012 00:19

TWO of the larger oil explorers quoted on the Alternative Investment Market (Aim) took a hammering yesterday as Chariot Oil & Gas revealed its latest well in Africa was dry, while Falkland Oil & Gas reported delays to its South Atlantic drilling campaign.

Chariot plunged 66 per cent, closing down 65.25p at 33p, after reporting its Kabeljou well in Nambia, which it was drilling with partners BP and Petrobras, was plugged and abandoned.

And following market speculation, Falkland confirmed that drilling at its Loligo well is five days behind schedule, pushing shares down 26 per cent or 23.5p to end the day at 67.25p.

However, heading in the ­opposite direction were Aim-quoted Glasgow pair Murgitroyd and Spaceandpeople, both of which posted positive results.

Patent attorney firm Murgitroyd is considering opening an office in Paris after growing profits for the year to 31 May by 10.3 per cent to £4.4 million, allowing it to up its total dividend 11.6 per cent to 12p. It closed up 22.5p, or 5.8 per cent, at 410p.

Shares in Spaceandpeople, which runs promotional stands in shopping centres, jumped 10.5 per cent, or 7.5p, to 79p after the success of its German business helped profits in the six months to 30 June to leap to £382,000 from £14,000.

In the FTSE 100 index, high street giant Marks & Spencer was up 3 per cent, or 9.9p, at 371.1p.

NEW YORK: US stocks slipped while the euro dipped below four-month highs ahead of potential new stimulus from the US Federal Reserve and the European Central Bank later this week. Michael Cloherty at RBC Capital Markets said it was “a waiting game”.

The Dow Jones Industrial Average fell 52.35 points, or 0.39 per cent, to 13,254.29.