Beyond the Footsie: Thursday close

SMALLER cap issues ended the session higher as gloomy sentiment pressuring the rest of the London market was outweighed by a swathe of positive company news. At the close, the FTSE SmallCap index was ahead 5.5 points at 2560.6.

Electronic components manufacturer Pressac was in demand as investors cheered a long awaited upbeat outlook after its string of profit warnings last year. Shares in the group rose 3/4p to 3 1/4p.

Sports marketing firm Sports Resource rose 2p to 30p on news that activity levels rose in the first quarter of this year and on full-year results that came in line with market expectations. The company hopes to capitalise on the collapse of competitors such as Sportsworld Media Group and German media group, KirchMedia.

Software firm Protagona was one of the strongest performers - up 3/4p at 3 1/4p - after management responded to a recent slump in the shares by assuring that first-half trading has been in line with expectations.

GW Pharmaceutical gained 4p to 130p after revealing it is a step closer to producing a cannabis-based pain suppressant and treatment for multiple sclerosis..

Phytopharm, which derives its drugs from plants, rose 4 1/2p to 470p after opening a new botanical supplies unit in South Africa to expand the manufacturing capacity for its appetite suppressant.

Meanwhile, Theratase was also in demand, rising 2p to 55 1/2p, but Alizyme, which focuses on the treatment of obesity and gastrointestinal disorders, slipped 3/4p to 82 3/4p after reporting widening full-year losses.

Away from drug stocks, High Point Rendel lost 6 1/2p to 53p after the management and technology consultancy reported a fall in first-half profits. A downgrade from broker Seymour Pierce also depressed sentiment.

Shares in Eurocity Properties resumed trading and fell 2 1/2p to 23p when the company revealed it will not proceed with the proposed reverse takeover of Uniplan Assets because of opposition from its largest shareholder, Panther Securities.