Leading London shares were swept higher today on reports that US-led forces had swept into the demilitarised zone between Iraq and Kuwait, with the City hoping this heralded the long-overdue attack on Saddam Hussein's dangerous regime. At the bell, the FTSE 100 closed up 18.1 points at 3765.4. In contrast the AIM index moved 0.7 points south to 550.7, though numerous stocks, including Pubs 'n' Bars and Aero Inventory cheered the market with upbeat news and results respectively.

Pubs 'n' Bars provides cheer

One of the day's stars was Pubs 'n' Bars. The pub owner and manager perked up 5 per cent to 31.5p on an upbeat trading statement, claiming the year's trading had started well. Like for like sales are 2.2 per cent ahead of last year despite tough market conditions. It also announced the sale of three under-performing pubs for £930,000 and said it had completed an acquisition, bringing its estate to 64 pubs.

Aero Inventory, the seller of electronic procurement systems to aerospace, soared 7p higher to 401p on lofty interims to December. Chief executive Rupert Lewin revealed that pre-tax profits more than doubled to £1.54 million on turnover lifted 58 per cent to £7.17 million, thanks to its new contract with HAECO.

Also on the move was oil and gas play GTL Resources. The shares rose 4.4 per cent to 17.75p after chairman Peter Middleton stated that broker WestLB and Bank of Scotland would underwrite a portion of the US$290 million debt that will finance the construction of its methanol plant in Western Australia.

Propan makes move

Acquisition news also dominated the day, with property developer Propan Homes pulled 0.25p lower to 9.25p after issuing 692,000 new shares to buy 'Latchfield' and 'Pinemount', two South East-based property plays.

In contrast Oasis Healthcare, the branded dental practice operator, stayed at 12.25p after paying £1.92 million for four dental sites, boosting its numbers to 128 sites in all. Between them the four operate 17 surgeries and take Oasis' capacity to 537 surgeries.

On the wane was Eagle Eye Telematics, which closed 30 per cent lower at 5.25p. The shares were hammered after it admitted it may need more short term additional funding in the form of further directors' loans. Full year figures, released at the same time, showed pre-tax losses widening 5 per cent to £4.3 million on fairly flat sales of £2.3 million.

The market also got the needle with NMT Group, the retractable syringe play, as 2002 losses increased 7 per cent to £14.2 million on sales of £2.8 million. The shares were marked down 6.6 per cent to just 1.05p. However the company has £15.4 million in cash and burn rate should fall this year thanks to its deal with Roche to supply syringes alongside HIV drug 'Fuzeon'.

Looking forward

Real estate consultancy services play Fitzhardinge reports full year figures for 2002 Thursday 3 April. Investors will be hoping for an improvement on the first half numbers when slowdown in the business space sector of the property market meant profits dropped from £2 million to £632,000 on revenue of £17.3 million (£15.3 million).