Shares in Freeplay Energy, the maker of clockwork radios for the Third World, have unwound by 90 per cent from the 65p price at flotation three years ago as the company has been dogged by high debt, the failure of certain products and problems with distributors in Africa.

Freeplay has tried to enter more predictable markets by buying Dixie, a conventional American distributor, and yesterday there was hope that the company may be turning the corner at last. Its shares rose 1¼p to 6p as it said that trading in the first quarter had been good and that Dixie should return to profitability this year.

Blinkx, the video search engine software producer, which has soared amid vague bid talk, rose 6¼p to 35¾p before full-year results tomorrow.

Jarvis Securities, the execution-only stockbroker, which also settles trades for other brokers, rose 16½p to 225p after it received a bid approach, at a premium to its £20 million market value. The company said that the offer undervalued its prospects and effectively invited other bids.

Shares in Renova Energy, the American biofuel company struggling to raise new cash from its lenders, halved to 2.875p as it said that any deal would include the right to convert a significant amount of bank debt into equity, leaving existing shareholders’ interests badly diluted.

Ascent Resources fell 1¼p to 6p after its second well in the Szolnok region of Hungary turned out dry.

Ardana dealt another blow to the biotech sector as it said that results from its final-phase trial for testosterone cream did not meet the success rate set by the regulator in the United States, damaging the chances of a licensing deal.

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