Wolfson rally continues as share buy-back programme begins

Published on Monday 11 August 2008 21:36

SCOTS STOCKS

WOLFSON Microelectronics began its major buy-back scheme yesterday, acquiring 19,500 shares which will be cancelled.

The scale of the purchase was only a tiny fraction of 1 per cent of the total share base, but Wolfson has said it will buy up to 10 per cent of its capital back to reduce its cash pile. Shares have rallied in recent days on the prospect and director buying. Wolfson closed up 1.75p at 126.5p last night.

Dana Petroleum continued to tumble yesterday, dropping 34p, or 2.6 per cent, to 1,255p despite revealing that investment manager Schroders had increased its stake to more than 11 per cent. Elsewhere in the oil exploration sector, Venture Production rose 7.5p to 717p and BowLeven added 7.25p to 201p.

Reports that Centrica is considering a 4 billion cash sweetener in its attempts to gain control of British Energy did little to inspire traders of the nuclear operators shares. BE added 4p to 709.5p.

Newspaper publisher Johnston Press, owner of The Scotsman, continued to rally, adding 7 per cent to 73p.

Over on Aim, Dawson International shares were unchanged at 2.38p despite announcing it had completed the sale of its Dorman business, to Dunelm, for 5 million.