MARKET REPORT: Taking Stock

Whispers from Ireland suggest Cambridge Mineral Resources, which arrived on Ofex in February, is edging closer to finding diamonds at its Inishowen prospect in County Donegal. The company is thought to be so encouraged by studies of samples that it is aiming to start drilling next year. CMR, unchanged at 12p, has recently won another three gemstone prospecting licences, near to Inishowen. It is also seeking gemstones in Spain and Sweden.

Arlen, the electrical group, fell 3p to 34p, lowest for more than a year. It is yet another casualty of the strong pound. Chairman Greville Howard has made it clear the group, making small electrical items, needs acquisitions to generate growth. Profits around pounds 4m are expected this year, down from pounds 4.55m.