Top-flight shares built on gains Wednesday but small-cap stocks drifted around their opening level despite a big deal for mobile marketer Proxama PLC (LON:PROX).
The FTSE 100 Index put on 44 points to 6169 but the AIM 100 was just 1.5 points to the good at 3272.
Bringing some cheer to the market was Proxama PLC, the mobile marketing technology company that has joined forces with advertising giant Google to provide live travel updates and advertising on London buses. Its shares motored 0.2p, or 22.9%, to 1.08p.
But there was not much encouragement elsewhere as Armadale Capital (LON:ACP) gave up 0.75p to 2.75p as it placed 7mln shares at 3p a pop, raising £210,000 to finance the start of its exploration programme.
Shares in Madagascar Oil Ltd (LON:MOIL) slipped 0.05p, or 8%, to 0.58p as the group said it expected its de-listing from AIM to take effect on April 8.
Tandem Group plc (LON:TDM) lost 28.2% of its value after a trading statement. The designers, developers and distributors of sports, leisure and mobility equipment said its bicycle business remains under pressure, though it is confident its other business will show revenue growth this year.
The shares fell 50p to 127.5p as the company said it was in discussions with the UK taxman about several import duty classification codes used for its products, as it is possible the company has underpaid duty.
Amerisur Resources PLC (LON:AMER) shares received the usual battering that a small cap gets when it issues shares at a discount.
The South America-focused energy group's shares backtracked 2.5p to 27p as it announced plans to raise around US$35mln by placing shares in order to accelerate exploration, appraisal and development activity on the company's licences in Colombia at a time when drilling and service costs are low.
In similar fashion, Vertu Motors PLC (LON:VTU) was off 4p at 64.5p after proposing to raise £35mln by placing shares at 62.5p to stock up the car dealer's war chest.
But Imaginatik Plc (LON:IMTK) boosted spirits with an upbeat third quarter trading update. The software company said gross bookings for the three months to the end of December were £1.28mln, slightly higher than the £1.26mln in the same period a year ago.
Diploma PLC (LON:DPLM) reversed 14.5p to 730.5p on news that the supplier of specialised technical products and services was buying Cablecraft, which provides essential cable identification, management and termination products.
It said the deal would immediately improve group earnings and will be reported as part of its controls sector activities.
Back on the main market, investors lost their taste for shares in Restaurant Group PLC (LON:RTN) as the owner of Frankie & Benny's said trading was tough and likely to remain so.
But Cairn Energy PLC (LON:CNE) spurted 15.5p, or 9.1%, to 185.1p as the oil & gas group said it was "delighted" with flow rates from the latest appraisal well off the coast of Senegal.
LONDON OPEN
Blue-chips and small caps went their separate ways at the outset , with the top-share index firmer despite a weak showing yesterday stateside.
The FTSE 100 edged up 16 points, or 0.3%, to 6,142, while the AIM 100 also moved 0.3%, but in a downward direction, to 3,260, to show a fall of 11 points.
Overnight, the S&P 500 and the Nasdaq Composite indices in the US both fell more than 1%, while in Asia Japan's Nikkei 225 finished off 0.8% lower while the Hang Seng in Hong Kong was less than 0.1% lower.
Blue-chips seem to have taken their lead from mainland European markets, which opened higher ahead of tomorrow's European Central Bank policy-makers meeting.
Aim stocks, however, are focused more on corporate news flow, and on this front Amerisur Resources PLC (LON:AMER) shares have received the usual battering that a small cap gets when it issues shares at a discount.
The South America-focused energy group's shares plunged 4.1p to 25.4p as it announced plans to raise around $35mln by placing shares in order to accelerate exploration, appraisal and development activity on the company's licences in Colombia at a time when drilling and service costs are low.
In similar fashion, car dealer Vertu Motors PLC (LON:VTU) was off 5.25p at 63.25p after proposing to raise £35mln by placing shares at 62.5p to stock up the company's war chest.
Completing a trio of share placings, Armadale Capital (LON:ACP) gave up five-eighths of a penny at 2.875p as it said it had placed 7mln shares at 3p a pop, raising £210,000 to finance the start of its exploration programme.
Tandem Group plc (LON:TDM) lost a quarter of its value after a trading statement. The designers, developers and distributors of sports, leisure and mobility equipment said its bicycle business remains under pressure, though it is confident its other business will show revenue growth this year.
The shares fell 45p to 132.5p as the company said it is in discussions with Her Majesty's Customs and Revenue about several import duty classification codes used for its products, as it is possible the company has underpaid duty.
Bringing some cheer to the market was Proxama PLC (LON:PXM), the proximity marketing technology company that has joined forces with advertising giant Google to provide live travel updates and advertising on London buses.
The shares motored 28% higher to 1.125p.
LGO Energy PLC (LON:LGO) was wanted after it ended the formal sale process announced last year. The Trinidad-focused oil producer believes other strategic refinancing opportunities would be better for it than being taken over.
Regency Mines PLC (LON:RGM), part of the Horse Hill gang that is developing the so-called Gatwick Gusher, advanced 3.2% to 0.80p on the back of news from the Portland zone flow test.
The company told its shareholders that 37 degree API, light, sweet, dry (99-100% oil) crude has flowed to surface at an average stabilised rate of 168 barrels per se.