Insurance services group Quindell (QPP:AIM) drops 4.4% to 201p despite reporting a 193% rise in  in adjusted pre-tax profit. Cenkos says the shares, trading on a mere 3.2 times forecast earnings for 2014, 'continue to discount balance sheet risk rather than any fundamental value across the Group’s two divisions'. It forecasts 61.7p earnings per share for 2014, rising to 99.6p in 2015. The latter equates to a price to earnings multiple of just 2.0 which perhaps suggests that investors don't believe earnings forecasts in the market.

A credit commitment on a new $100 million reserve based lending facility lifts US onshore oil and gas play Nighthawk Energy (HAWK:AIM) 12% to 10.64p.We discuss the news in more detail here.

Horse racing-to-football pools specialist Sportech (SPO) retreats 4.7% to 81p as half-year profits dip from £6.6 million to £6.3 million. It joins the ranks of companies hit by a strong pound as much of its earnings come from the US. Investec reckons the fair value of the shares is 110p, which excludes the £93 million VAT settlement cash that can't be assumed as Sportech's money yet until a ruling has been made on the taxman's appeal case.

Airports-to-high street retailer WH Smith (SMWH) is marked 11p (0.98%) to £11.33 on a short but sweet pre-close trading statement. The cash-generative retailer says annual numbers to August will match market expectations, thanks to a good performance in the thriving Travel division where analysts believe like-for-like sales have improved, and gross margin gains in the high street business.

Indian tight oil and gas play Oilex (OEX:AIM) gains 7% to 9.5p as it reveals it is selling light oil flowed back during clean up operations on the key Cambay 77-H well. The company says the hydrocarbon liquid to gas ratio has thus far been calculated as 130 barrels per million cubic feet, some 300% higher than anticipated.

Unconventionals play Falcon Oil & Gas (FOG:AIM) gains 2.5% to 9.1p on news of formal closure on a farm-out of its Australian Beetaloo asset to Sasol (SOL:JSE) and Origin Energy (ORG:ASX). The company retains a 30% carried interest and receives an immediate cash injection of A$20 million.

Drug delivery specialist Skyepharma (SKP) falls 1.8% to 248.2p on first half pre-tax losses growing to £18.1 million from £1.6 million year-on-year with £25 million of financing costs.

GP surgery landlord Primary Health Properties (PHP) gains 1% to 348.8p on a 50% rise in rental income to £29.4 million helping pre-tax profits improve 62.5% to £22.1 million in the first half.

Testing kit maker Immunodiagnostic Systems (IDH:AIM) rises 1.2% to 481p on its IDS-iSYS diagnostic cleared for sale in China.

Issue Date: 21 Aug 2014