Attacks by pirates have forced Range Resources, the oil explorer aiming to drill in a semi-autonomous region of Somalia called Puntland, to delay the drilling that had been scheduled for July.

The shares fell 2½p to a low of 9½p as the group said that civil unrest and an upsurge in piracy around the coast would make it difficult to ship the heavy equipment it needs to the drill site. The good news was that the President of Somalia appears to be supportive of the drilling programme.

Bond International Software, the provider of recruitment information technology, rose 3½p to 111½p amid talk of an imminent contract win. It was said that the group had secured a five-year deal worth at least £1 million to supply ATS Euromaster, a tyre services provider, across all its European offices. The shares had fallen because of fears that recruitment would be cut by the slowing economy.

McBride, Europe’s largest maker of own-label cleaning goods and personal care products, fell 9¼p to 102¾p after giving warning of unprecedented and continuing increases in raw material costs that had hit profits since the start of the second quarter.

Highway Insurance, the motor insurer, fell 5¾p to 64¼p after it said that earnings would be hit by poorly performing equities and hedge funds in its investment portfolio and by several direct insurers cutting their premiums by up to 5 per cent.

Symphony Environmental, the maker of biodegradeable plastic bags, rose 1p to 4¾p after winning a contract to supply a company in the United Arab Emirates with the polymers needed to manufacture its products.

NXT, the maker of hi-fi speakers, rose 1.62p to 10.25p. Indeed, it has risen from 5.63p in four days despite the company saying that it knew of no reason for the rise. Black Rock Oil & Gas fell 1.625p to 5.125p after having to abandon its Arrinconada well in Colombia, which turned out to be dry.

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