January 2, 2013 / 11:49 AM / 5 years ago

STOCKS NEWS EUROPE-UK small caps jump 1.1 pct around midday

The FTSE Small Caps index jumps 1.1 percent by midday on the first session of 2013, but still underperforms bigger gains by the FTSE 100 and FTSE 250 indexes, up 2.2 percent and 1.9 percent respectively.

Silence Therapeutics adds 12.2 percent as the biotech firm appoints Michael Khan as its Chief Medical Officer to oversee the company’s programme of Phase II clinical trials which are scheduled to start later this year.

Khan, an Associate Professor of Medicine at the University of Warwick, became Silence’s Chief Medical Adviser and a director of the company in September 2012.

Afferro Mining gains 2.7 percent, extending Monday’s 13 percent advance, as International Mining and Infrastructure Corp. (IMIC) confirms it has made an initial bid approach. Afferro said on Monday IMIC would be prepared to offer up to 140 pence a share for the group.

Afferro also said on Monday that it is currently under exclusivity obligations with one other party which precludes it from engaging in discussions with IMIC until January 13. The Daily Telegraph said on Tuesday that traders believe the current exclusive talks are likely to be with a “major” mining company willing to pay 150 pence a share for Afferro.

“We believe Afferro is well positioned to attract strategic interest in their Nkout project in the Cameroon which has a good resource base and the company have the cash to take it to feasibility. They need the right partner, however, to capitalise on the project given the significant requirement for infrastructure funding,” SP Angel analyst John Meyer says in a note.

Reuters messaging rm://jon.hopkins.thomsonreuters.com@reuters.net

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