Mar. 4--GROWTH SETS A CHEERFUL PACE: Hold the front page -- a good news story for a change. Buyers chased Pace 15p higher to 75p following what analysts called " transformational" full-year results. Considering the TV set-top box-maker almost went bust in 2002 -- after five profit warnings and heavy losses -- the figures were nothing less than inspiring.

Organic growth and last April's acquisition of the set-top box business of Dutch electricals giant Philips helped the group deliver record full-year revenues to end December 2008 of £745 million, and adjusted profits of £28.5 million. Net debt of £12.1 million has been replaced by a cash balance of £37.7 million. Long-suffering shareholders can even look forward to an inaugural dividend of 0.6p.

The significantly enlarged group -- post the Philips deal -- has heightened investor interest in the shares. It's gone from a basket case to a flourishing manufacturer in less than a year. Strong demand from customer Sky for its high-definition boxes has helped it along the way.

Broker Teathers expects sales in 2009 to come closer to £900 million, up from £852 million previously expected, with cost synergies bringing pretax profits moving up to £35 million from £21 million previously and earnings per share to 8p-plus from 5p. The stock is one of its key "picks."

Following a half-hearted attempt at a rally, the Footsie fell away abysmally yet again with doom and gloomsters predicting that the global recession is going to get even worse than pessimistic forecasts. It soon lost a 51-point gain to close a further 113.74 points, or 3.14 percent, down at a six-year low of 3,512.09. It has collapsed 21percent already this year after falling a record 31percent in 2008.

Wall Street lost a 100-point gain to trade a further 48 points lower after Federal Reserve chairman Ben Bernanke warned that policy-makers may need to expand aid to the banking system beyond the $700billion already approved, and take other aggressive measures even at the cost of soaring fiscal deficits.

Bernanke added that without a reasonable degree of financial stability, a sustained recovery will not occur.

After power station group Drax (12 3/4p easier at 491 3/4p) warned of tighter margins this year, International Power blew a fuse at 199 1/2p, down 17 1/4p and Centrica lost 13p at 248 3/4p.

Banks remained friendless with Lloyds Banking Group falling 3.9p further to 45 1/2p and Barclays 5.9p more to 81.8p. Growing worries about the sharp decline in the value of its investments, meant private equity group 3i shed 12.6p more to 181p.