MED shares surge 30% – well, they rose 0.5p but 30% sounds better

Published on Wednesday 3 September 2008 21:26

SCOTS STOCKS

MIRCROEMISSIVE Displays, maker of the world's smallest television screens, was Scotland's biggest mover for a second straight session, bouncing back from Tuesday's record low.

The penny stock added 0.5p, equating to some 31 per cent, to 2.13p. While there were no clear signs that the cash-strapped technology firm is any closer to a sale now than earlier in the week, more than 900,000 shares changed hands yesterday, the heaviest day's trading since before the company said it needed to raise cash and would consider offers for a sale.

Axis-Shield, the Dundee-headquartered medical diagnostics company, added 1.75p to 327.75p, as Nomura Code Securities reiterated its "buy" rating on the shares.

Melrose Resources, the Edinburgh-based oil and gas explorer, was off 16p to 424p despite revealing that Axa had increased its stake in the company to more than 5 per cent.

Other oil producers also fell as crude prices continued to ease down towards $100 a barrel. Venture Production lost 6.5p to 731p while Dana Petroleum slipped 24p to 1,325p.

On Aim, Kinross-based textiles company Dawson International was unchanged on 2.25p, despite reporting a sharp fall in its interim pre-tax loss to 1.6m and predicting it would generate positive cashflow for the full year. WH Ireland reiterated a "speculative buy" stance.