STOCKS NEWS EUROPE-UK small caps flat early on New Year's Eve

Mon Dec 31, 2012 3:44am EST
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The FTSE Small Caps index was flat in early deals on Monday, New Year's Eve, outperforming falls by both the FTSE 100 and FTSE 250 indexes, down 0.4 percent and 0.3 percent respectively, with London markets set to close at 1230 GMT.

Afferro Mining jumps 12.8 percent as the group, listed in Toronto as well as London, says it has received an initial bid approach from International Mining and Infrastructure Corp. (IMIC) which would be prepared to offer between 115 pence to 140 pence a share for the group, satisfied in cash and shares, subject to due diligence and other conditions.

Afferro says it continues to have discussions with other interested parties regarding a possible offer and is currently under exclusivity obligations with one other party which precludes it from engaging in discussions with IMIC until January 13.

IMIC shares fall 2.6 percent.

Gasol sheds 1.9 percent as the West African energy development group reports a pretax loss of 1.74 million pounds for the six months to September 30, up from a loss of 1.0 million pounds at the same stage in 2011, reflecting a rise in development costs due to an increase in project activity, the recruitment of a new management team, and costs related to a potential transaction.

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