ProStrakan slides despite broker upgrade

SCOTS STOCKS

PROSTRAKAN shed a quarter of a penny yesterday, despite analysts at Teathers increasing the broker's target price on the specialist pharmaceutical company by 40 per cent to 172p.

The broker said the increase was prompted by confidence that there would be strong news over the next 18 months as ProStrakan builds sales in the United States. But shares closed off 0.25p at 79.5p.

Axis-Shield, the Dundee medical diagnostics company, rose after the National Institute for Health and Clinical Excellence issued new guidelines on the management of rheumatoid arthritis which encourage wider use of "anti-CCP antibody testing", which Axis offers. Shares closed up 0.75p at 314.75p.

Scottish & Southern Energy rose 3.1 per cent to 1,142p after announcing its wind farm business, Airtricity, had formed a consortium with German RWE and two large Norwegian companies to bid for more space to build offshore wind farms for the Crown Estate.

Over on Aim, Ramco Energy, the Aberdeen-based oil services firm, leapt after confirming a joint venture in which it is involved has secured a major project to enter Iraq, the first foreign company allowed to enter the market since before the war. Shares jumped 16.75p to 58.75p.