Market Report: Taking Stock

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The Independent Online
OIL MINNOW Pentex Energy, on the receiving end of a bid from Russian group Sibir Energy, was one of the most actively traded stocks of the day with 15.9 million shares trading hands. Dealers said one institution had placed its stake at 10p. US investors have expressed discontent with Sibir's offer.

AIM-quoted fund manager Farlake dipped 10p to 265p as three non-executive directors resigned. The departing directors were all connected to broker Hichens Harrison, which recently sold its 25 per cent stake. US-backed investor EMS, which took over the shares, has nominated one replacement.

T CLARKE, the electrical engineering contractor, dropped 8p to 126.5p as Electrowatt, the Swiss Group, sold its entire 53.15 per cent stake. The shares were placed with institutional shareholders and T Clarke's management at 105p. The shares have doubled in value in the past year.