City File: Small winners

NEVERTHELESS, the real opportunities must be with the sounder smaller companies, lost in the recent wave of market disinterest, and largely unaffected by the euphoria.

Typically, the precision engineering group Transfer Technology, 520p at the beginning of the year, ended the week at only 345p, a mere 13p up and still yielding more than 5 per cent. And even in the building sector a handful of small specialists still look cheap. Victaulic, which makes pipes and is an obvious beneficiary of any construction pick-up, is still more than 100p below its 1992 high.

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