ITM breaks new ground

Fuel cell developer ITM Power (ITM) surged up 53 per cent to 322p this week, sending its market value north to £296 million, on news it has broken new ground in the testing of its unique low cost technology. Chief executive Jim Heathcote believes the company is now in a terrific position since its technology has broken through commercial barriers.

Rising faster still this week was Eurasia Mining (EUA), up 127 per cent to 8.5p on Friday. The shares gained ground after the company unveiled a ‘previously unknown and unmined’ platinum deposit in the Russian Urals.

Another resources stock in play was oil and gas explorer White Nile (WNL), chaired by former Test spin bowler Phil Edmond. Shares in the once controversial counter bounced 35 per cent to 144p earlier in the week, but the company said it knew of no specific reason for the share price move.

Gains such as these helped the AIM Index post a 30-point gain to 1,246.7 over the course of the short four-day week, with the blue-chip FTSE 100 gathering up 99.5 points to 6,128.9.

Property plays post Friday gains

Pathfinder Properties (PFP) and Ely Property Group (ELY) both built up substantial gains on Friday on the strength of positive statements.

Pathfinder cheered investors with news it is selling its site at River Quay in Manchester for £17 million (plus VAT), sending the shares 26 per cent higher to 7.88p.

Strong figures for calendar 2005 were behind a 23 per cent rise in shares of Ely Property to 4.75p. The Dublin based property group’s maiden results showed pre-tax profits up 55 per cent to £1.5 million as well as roughly tenfold increases in its Irish student accommodation portfolio.

Elsewhere on the results scene this week, industrial battery maker China Shoto (CHNS) shot up by 12.3 per cent to 205.5p on excellent maiden full year figures. The company reported that pre-tax profits more than doubled to £3.8 million as it rides high on the back of buoyant demand from the domestic telecom sector, where clients include China Mobile and China Telecom.

Acquisitive recruiter BNB Recruitment Solutions (BNB) clipped 0.25p higher to 13.5p on a 380 per cent profits leap for the year to December, on sales lifted 16 per cent to £176 million.

And Telephone Maintenance (TEL), chaired by Liberal Democrat peer Lord Razzall, dialled in encouraging half time figures to January, with losses hauled back from £174,000 to only £7,000.

Supercart trolleyed

Supercart (SC.), the supermarket trolley maker, surrendered 1p at 14.5p, down from a 22p 52-week high, after the company flagged up recent difficulties with its trolleys. The company said that full year results had been hit by delays to the production and delivery of some of its shopping carts last year. For calendar 2005, sales spun 16 per cent higher to £2.4 million, and pre-tax losses came in at £675,000 (£838,000).

Among the week’s new entrants was Deutsche Land (DLD), an investor in German commercial property, which raised £66.4 million via a placing at 70p. The new Isle of Man-incorporated company has been set up to buy, maintain and manage German commercial real estate property with a focus on retail assets. In debut dealings on Thursday, the shares edged to an 11 per cent premium of 77.5p.