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Small caps and FTSE 100 both hold steady

Published: 08:20 14 Apr 2016 EDT

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Trouble continues to build for troubled Kurdistan oil group Gulf Keystone Petroleum (LON:GKP), which tumbled 28% as it warned it needs more funds to maintain production.

One of the largest companies on AIM before it moved to the main market, its value is now under £50mln.

Today’s update said it has to spend US$71mln on its Shaikan field in order to keep output at 40,000 barrels of oil per day. That is before finding US$575mln for debts that are due to mature next year.

Shares were 5p compared to 411p in 2012. 

Otherwise it was decent morning for small caps where copper junior Weatherly International PLC (LON:WTI) was the outstanding riser.

Shares zoomed up 65% to 0.83p after an impressive production update from its Tschudi copper asset in Namibia.

First quarter output was 4% above its nameplate production rate of 17,000 tonnes per annum and up on the preceding quarter.

Costs were also well below guidance it said.

Ireland-focused Connemara Mining (LON:CON)  rose almost 23% to 2.60p, as it reported drilling results from its short hole programme at gold target Inishowen.

In the markets, FTSE AIM100 was up 0.16% to 3,462, while FTSE AIM All-share added 0.19% to 732.6.

FTSE100, meanwhile, was three points better at 6,367, another new high for the year.

UK interest rates remained on hold again but it was BP (LON:BP. that dominated the headlines as chief executive Bob Dudley defended his £14mln pay at the AGM. Shares were little changed at 362p before the voting.

The biggest faller on Footsie was fashion giant Burberry (LON:BRBY), which shed over 6% to stand at 1,265p as it warned on profits.

Also down was housebuilder group Persimmon (LON:PSON), down 6% to 1,903p.

Entertainment One (LON:ETO) was one of the best risers even though it firmly rejected reports that ITV (LON:ITV)had made an approach.

The Peppa Pig maker said no such approach had been made but the shares rose by 13% to 178.5p nonetheless.

Another riser was niche finance house Private & Commercial Finance Group plc (LON:PCF), up 7.87% to 24p, as it said performance in the 12 month period just ended will be slightly ahead of expectations.

On the flipside, life sciences group OptiBiotix Health PLC (LON:OPTI) shares declined 2.81% to 78.72p despite an upbeat assessment of prospects for its obesity treatments. 

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