It seems a logical fit for a software company that tracks internet users’ behaviour to enter the world’s most developed broadband market, but speculation surrounding a link with South Korea failed to lift Phorm’s tumbling share price yesterday.

Phorm, which lost $15 million (£9.3 million) in the first six months of its financial year, raised $24 million in June but is still burning through $1.8 million of cash every month. Yet despite a torrid six months, during which BT, TalkTalk and Virgin all dropped trials of its technology, the company’s management said that Phorm was making progress towards a commercial deployment in a significant market.

That market could be South Korea, where Phorm said this year that it had started a trial with KT, the country’s largest internet service provider. However, in spite of a positive note from Evolution analysts, shares slipped a further 5p to 155p.

Green Dragon Gas, the largest Chinese company listed on AIM, is set to leave the index over the next six months as it seeks a main market listing in either London or Hong Kong. Green Dragon, which is still loss-making, has benefited from its expansion in China after lifting first-half revenue to $18.7 million, compared with $2.4 million in the same period a year earlier.

PetroNeft Resources, the Russian oil company, has raised $27.5 million via a placing as it looks to invest in pipeline infrastructure before starting commercial oil production in the third quarter of 2010. Shares in the company rose 3p to 18½p.

Centaur Media, which rose on the back of results last week, suffered a rating downgrade to “sell” from Collins Stewart. The shares did not respond, closing flat at 45½p.

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