Phil Cozens' Morning Market

A lacklustre performance in New York and fears of another interest rate hike to take the heat out of a buoyant housing market sees leading shares opening easier.

Soon after 8 am the FT-SE 100 index had lost 19 points at 6673.

However, there were plenty of good gains among smaller companies following a raft of trading statements and corporate activity.

H YOUNG advanced 12p to 93p after positive Daily Mail comment on yesterday's trading statement.

FIRESTONE DIAMONDS was marked up 6p to 56p as the group wins new prospecting licences in Botswana.

GALAXYMEDIA returned from suspension 66p higher at 105p following the acquisition of GAME INTERNET.

N BROWN added 7p to 535p on its strategic marketing partnership with AHL Services.

Negative comment on yesterday's cautious trading statement clipped another 5p from AEA TECHNOLOGY at 407p.

NXT was trading at 1038p, up 279p, on the speech technology venture with DERA.

PACIFIC MEDIA was better again at 9.250p, up 1.875p, amid rumours that the shares may be suspended and return at 30p.

APPLIED HOLOGRAPHICS climbed 54p to 350p after interims, a £40 million acquisition of Optical Security Group and a Nimbus venture to supply Microsoft.

EMERALD ENERGY hardened 0.25p to 4p on the new oil sales agreement in Columbia.