Edinburgh flies on Buzzard hopes

HOPING to strike it lucky after spotting a slick 'agency cross' - a trade between two brokers - of 1.44m shares go through at 128p, some 5p above the prevailing offer price, punters piled into

Edinburgh Oil Gas.

The oil and gas explorer closed 9 1/2p better at 131p amid speculation that broker Oriel Securities had mopped up a big overhang for a bidder.

Edinburgh has surged since 2001 on the back of a 5% stake in the Buzzard oil field, one of the largest North Sea discoveries since the Eighties.

The site, 60 miles off Aberdeen, is anticipated to yield more than 460m barrels.

Edinburgh recently reported 'advanced negotiations' on a debt facility to fund its share of the Buzzard development.

The government is now said to be on the verge of granting permission for drilling to start in the area, so it could soon be all systems go.

Gas giant BG Group (2 1/4p off at 278 3/4p) owns 19.9% of Buzzard and is touted as a possible buyer of Edinburgh's 5% holding or of the entire group.

Down but certainly not out, the Footsie succumbed to profit-taking and closed 29.1 points lower at 4339.7 as disappointing quarterly figures from IBM and Nokia's cautious fourth-quarter outlook put the brake on buying. And Wall Street's early fall of 72 points did sentiment no favours.

Sterling firmed to $1.6754, while the euro eased to 69.3p and $1.1623.

Bulls are totally relaxed and still fancy a good run up to Christmas. They point out that the stonking performances of two newcomers this week suggest there is still shed-loads of cash to find its way into the market over the coming months.

Conditional dealings in Britain's largest technology float in more than two years went like a bomb. Priced at 210p, Wolfson Microelectronics touched 275p before closing at 246 1/2p on turnover of almost 45m. Full trading begins on Tuesday.

There was no stopping newcomer IP2IPO Group,either. The intellectual property business, which scored a 55p premium over its 275p placing price on Wednesday, advanced afresh to 352p and closed 15p better at 345p.

International bank Standard Chartered soared to 985p before closing 10 1/2p up at 965p amid continuing speculation that veteran Malaysian billionaire Tan Sri Khoo Teck Puat has been offered 1050p per share for his 13.9% stake.

ICI shed 4 1/4p to 189p after agreeing to top up its pension fund to the tune of £62m a year for nine years from 2004.

Aim-quoted OMG, the measurement software group, jumped 9 1/4p to 24p following a bullish trading statement. Full-year results will be ahead of market expectations.

Electronic equipment group Feedback slumped 6p to 34 1/2p after forecasting a £300,000 loss for the six months to September.

Shoe retailer Stylo slipped 7p to 37p on its announcement that the second half has started slowly after a disappointing first half.

Acquisition news left Top Ten Holdings 1 3/4p off at 8 3/4p. The independent bingo club and amusement arcade operator plans to buy the business and assets of eight bingo clubs and four adjacent arcades for £5.8m, financed by a placing of 93m shares at 5p.

Pubs group JD Wetherspoon frothed 3p higher to 265p in response to a Citigroup Smith Barney recommendation and the lifting of its target price from 150p to 400p.

It is an undervalued, cash generative and defensive story, said the broker.

Wheeler-dealer Bob Morton has come to the rescue of full-listed small tools hirer Multi Group.

Suspended at 9 3/4p in March, dealings will resume on Friday after a £1.57m placing that leaves Morton with 54% and other investors including Oliver Cooke and Michael Jackson with 10%.

Heavy buying on recovery hopes helped niche publisher Profile Media firm 1/4p to 1 3/4p.

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