With the 1996 reporting season at its peak, company results are the dominating influence on share prices. In engineering, the week’s big winners were TI (up 10% to close on £6), Haden MacLellan (up 8% to a new high 134p), and Manganese Bronze (up 6.5%).
Losers included Molins, which fell nearly £1 to 810p on a warning that unless orders improved there would be no earnings growth this year.
Glynwed slipped back below the £3 mark on word with the results (profits only modestly ahead and the dividend unchanged) that the strong pound has had a significant adverse effect on the company.
Electronics components maker Roxboro gained several pence on results (a pre-tax £13.76m) rather better than had been expected, and accompanied by a 10% dividend increase. There was continued improvement in British Steel shares, trading now at close on 160p against a low 139p. Broker SGST has the shares on `buy’.
T&N continued to drift lower. Broker Albert E Sharp has downgraded its pre-tax estimate for this year by £13.5m to £133.5m.
Tiny (market cap £1.36m) Billam, the Sheffield precision engineer, held steady at 85p on news that it is making a little City history as the first company to move down from a full listing to AIM, the junior stock market. The switch will sharply cut its listing costs.