A two-way pull left Alexon, the clothes and footwear group, adrift by 2½p at 199¼p before its annual results next Monday.

Dealers expect the statement to be downbeat, with Alexon’s core brands said to have suffered because of dull trading at outlets such as Debenhams and House of Fraser. However, a failed buyout attempt last month, believed to have been pitched at 211p per share by a management-led consortium backed by Cognetas, the private equity fund, may have provided some valuation support.

Oxford Biomedica drifted 2½p to 49½p after striking a long-awaited, much-rumoured licensing agreement to develop its TroVax cancer treatment.

A positive drilling report lifted Emerald Energy and Gulfsands Petroleum, with the pair striking oil in the shallower depths of their shared prospect in Syria. Emerald rose 13¾p to 145¼p and Gulfsands firmed 6p to 74¼p.

Chaco Resources held steady at 11p despite news that the explorer had started drilling a well at its Primavera oil prospect in Colombia. Investors believe that it could be sitting on something bigger, given that it said last month that there would be news on a new exploration project this month. Biofuels Corporation slid 5½p to 16p after saying that it had managed to secure lending that would keep it alive until the end of May. The group also admitted that it was considering a debt-for-equity swap, a prospect that looks likely to wipe out shareholders. Biofuels’ equity was worth £8 million yesterday, not much more than the annual interest charge on its £95 million debt pile.

Cashbox rallied 3½p to 21½p before interim results due tomorrow. The cash machine operator, which this month has dismissed its chief executive and pulled out of takeover talks, is now expected to give details of a share issue.

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