Talk of corporate action at Photo-Me International, the operator of photo booths, helped the underperforming shares to climb 2½p to 31¾p.

Cantor Fitzgerald acquired an 11 per cent stake, or 40 million shares, for an unnamed buyer, and Steel Partners, the activist shareholder, was thought to be transferring its 11 per cent stake into a nominee account before a sale to a potential bidder.

Photo-Me has been hit by a string of profit warnings. Previous investor pressure precipitated the departure of the two top directors.

Woolworths edged down 0.08p to 8.72p after Citigroup cut its price target from 12p to 5p and pointed out that the store chain’s breakeven figure had been achieved only through the inclusion of property sales.

Kleenair Systems, the maker of pollution filters for vehicles, rose 5p to 22½p after it boasted that Objective Capital analysts had initiated coverage with a 25p price target. The Kleenair chairman asserted that 25p was too low. Cineworld, the largest cinema chain in Britain, rose 23¼p to 130p on a bullish trading statement. Its shares have been hit by Carlton Screen Advertising’s threats to end its sales contract.

Ozwald Boateng, the fashion designer, agreed to waive £1 million in payments over the next three years in settlement of a licensing dispute with Marchpole Holdings. He is also paying Marchpole’s legal fees. Marchpole shares rose 4p to 38½p.

Entertainment Rights fell 3p to 8p on a profit warning over Christmas sales. A warning that the credit crunch was hitting sales sent Artisan (UK), the housebuilder and business park developer, down 16½p to 76p.

SCi Entertainment was the biggest small-cap gainer, up 22½p to 70½p, after it ousted Jane Cavanagh and her team. Synchronica, the provider of a mobile e-mail service, rose 0.375p to 7.125p after director buying and a strong trading statement.

Explore Markets

• United States

• Europe

• Japan

• China

• Russia

• The Gulf

• India

• Africa

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive