Smaller stock to watch
AIM-listed Accident Exchange, which leases prestige cars to motorists involved in no-fault accidents, rose 8p to 96½p as a reassuring annual meeting update triggered further upgrades to profit forecasts. Numis Securities used AE’s statement to repeat its cautious stance on rivals Helphire and AIM’s Bristol & London, from which it thinks AE is taking market share.
Directors’ dealings
Shares in Internet Business Group, the AIM-listed e-commerce specialist, rose ½p to 418p as its chief financial officer bought stock for £3,700. Pierre-Jean De Villiers purchased 100,000 shares at 3.7p, and now holds 300,000. Earlier this month IBG reached an agreement under which Cornell Capital Partners would provide £500,000 as an equity line of credit.
Bet of the day
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The banking sector has remained in focus in the past few months, amid bid fever at Abbey and hopes of a further recovery in the FTSE indices. The FTSE 350 banking index has risen 7.75 per cent in the past month, closing last night at 8,673. Can the sector remain in favour? IG Index offers a spread of 8,750 to 8,795 on where the index will be on December 14.