With the FTSE 100 off 19.38 points at 6,758.5, as concerns over the impact of higher oil prices on global growth due to violence in Iraq as well as fears UK interest rate rises may come sooner than expected, artificial joints giant Smith & Nephew (SN.) slips 2.5% to £10.44. Weakness follows the news Medtronic, the US firm which had been seen as a predator for the knee and hip replacement group, is to spend £29 billion on Irish outfit Covidien, leaving a bid for the UK giant in doubt. The news comes after the US' Stryker Corporation ruled out a bid for Hull-based Smith & Nephew earlier this month.


Aircraft engine maker Rolls-Royce (RR.) is under pressure, falling another 5p to £10.15 following last week's cancellation of an order for 70 of Airbus' (AIR:FP) A350 aircraft by Emirates in a move that reduces Rolls' order book.


Ultra Electronics (ULE) falls 11p to £18.42 on news it has acquired radiation measurement specialist Lab Impex Systems for £3.2 million.


Housebuilders are led lower by Persimmon (PSN) after a housing survey by property site Rightmove (RMV) highlights a 'surge of over 20% more sellers rushing to market' in London in the month to mid-June, causing a 0.5% fall in prices. Fulford-headquartered Persimmon slips 1.6% to £11.92, Bellway (BWY) cheapens 7p to £14.44, Bovis Homes (BVS) sheds 6.5p to 744.5p and Telford Homes (TEF:AIM) edges 1.3% lower to 328.75p.


Retailer Majestic Wine (MJW:AIM) falls 3.9% to 416.5p full-year results to March only reveal a modest 0.3% pre-tax profit increase to £23.8 million. This is in-line with the wine specialist's recent profit warning (20 Mar) caused by weak January and February sales with like-for-like sales 0.1% softer during a difficult year. Majestic reiterates its message this year will be another of flattish growth given the need for extra investment spend.


Unloved African agri-business Zambeef Products (ZAM:AIM) sheds another 13.4% to 18.5p on poor interim results to March. The Zambia-based pork, milk and edible oils producer and distributor reports a swing from US$9.3 million profits to losses of $3.2 million on sales 9% down at $140.2 million, reflecting a combination of factors including currency volatility, pork product restrictions following disease outbreak as well as increased competition.


Amid investor IPO fatigue, Australian fashion sales website Mysale (MYSL:AIM) is marked down 18.6% to 184p in debut Aim dealings, having placed stock with institutions at 226p. The online retailer, which operates flash sales sites in Australia, New Zealand and South-East Asia and has an expanding presence in the UK and US, is backed by retail grandee and Arcadia founder Sir Philip Green.


Technology commercialisation specialist Imperial Innovations (IVO) slips 1% to 460p as portfolio company Abzena prepares to join Aim. Its 26.2% stake in the services and technology provider to the life sciences industry is worth £11.1 million. Read our Abzena news analysis here.


Secondary property investor Palace Capital (PCA:AIM) improves 1.5% to 266p after renewing 12-year leases for two of its properties worth some £400,000 a year combined, once refurbishments have been completed.

Drug discovery play ImmuPharma (IMM) rises 3.2% to 48p on securing US patents for its Nucant technology, which contains millions of peptide constructs and includes treating age-related macular degeneration, diabetes, cancer and healing wounds among its potential uses.


Invoice financing specialist Tungsten (TUNG:AIM) is bid up 2.4% at 284p, as the story begins to attract wider coverage in the national press. The £277 million cap invoice financing specialist is increasingly being seen as a credible rival to the banks.

Issue Date: 16 Jun 2014