Market report: Monday close

TIPSTERS have been counting the cost of their involvement in Aim-listed

The firm evolved from Ofex-quoted Camco, which made paper products in Kyrgyz, central Asia. Two years ago, it bought 3DM Technologies, which developed a way of making bricks from recycled hospital waste and plastic bottles.

News of the technology grabbed the attention of speculators who chased the share price up from 13 1/2p to a peak of 192 1/2p, valuing the company at almost £130m, in less than six months.

Even stock market bear Evil Knievil (aka Simon Cawkwell) was won over. He usually makes his money targeting companies he believes to be overvalued, or in trouble, and sells the shares short in the belief they have further to fall. He is reckoned to have paid 180p a share and has since sold at a loss. The company has not had the success with the product it might have wished. Last week, it reported a loss of £1.44m on turnover of just £ 250,000, down from £313,000 the year before.

The shares were suspended last year after the company failed to produce its accounts on time and had only a few weeks left to run before incurring a further suspension in trading. Share prices generally traded in a narrow range with turnover at a low ebb. The FTSE 100 index fell 3.6 points to close at 4502.2, despite opening gains for the Dow this afternoon.

Royal & SunAlliance rose 3p to 84p after confirming weekend reports of plans to dispose of its UK life assurance operation. Some reports have put a £900m price tag on the business but RSA describes this as pure speculation. Topping the list of likely buyers is South African financial services outfit Old Mutual.

Industrial gases group BOC put on 10p to 932p on talk of a bid from German conglomerate Linde. Chief executive Wolfgang Reitzle told the German media he wants to expand into the market after selling Linde's refrigeration business. US securities house Goldman Sachs says an agreed takeover by Linde was more feasible than a merger.

Tesco rose 1/2p to 268 3/4p as broker UBS repeated its buy recommendation and raised its 12-month target from 300p to 315p. Kesa Electricals rose 1 1/2p to 295p. Broker Credit Suisse First Boston has repeated its outperform rating and lifted its target from 315p to 330p.

Transport group Tibbett & Britten accelerated 9 1/4p to 673p on talk of a counterbid from Deutsche Post. Rival Exel, 10 1/2p better at 729 1/2p, last week offered 668p a share, valuing the business at £328m.

The biggest gain of the day was in Aim-listed Oakgate, up 6 3/4p or 55% at 23 1/2p as more than 250,000 shares changed hands. Two delayed trades totalling 90,000 shares went through at 15p, indicating that a big seller may have completed his business. There is again talk of Oakgate reversing into a nickel mine.

Griffin Mining retreated 1/2p to 20 1/4p, having touched 18 1/4p. The company said it was not aware of a reason for the share-price fall. Regus, the rented office-space group, is in talks to buy US rival HQ Global Workplaces for up to £190m. Regus fell 2p to 63p.

NSB Retail Systems, which supplies software to High Street stores, said it had reached a settlement with Cablevision, with which it has been in dispute since 2002. Cablevision is to pay NSB $800,000 (£435,000) for outstanding contracts. NSB firmed 1/2p to 24 3/4p.