A feeling has got around that every time the shares progress towards a more realistic level the price will be hit as they press the sell button.Former director Michael Wilmott, who is now living in Canada, appears to be the major culprit. At one time he had 56 million shares, around 20 per cent of the capital. He has relentlessly cut back and is now down to 20 million shares. No doubt the stock market is awaiting his final disposal although the company seems to think any further unloading is unlikely. To add to the uncertainty at least one other former director has a 6 per cent-plus stake and is viewed as a weak holder.There are a number of other influences that could restrain the shares.

Even so, it is a particularly harsh judgement when a share loses around one third of its value.
At 2.2 p IDN really looks to be in the bargain basement. Profits should emerge at more than £1.2m in the year ending October (up from £900,000) and last year’s maiden dividend of 0.025p a share will be increased.So what is inhibiting the shares? I think it is the behaviour of some of the company’s former directors. Yet in the meantime profits have advanced strongly and the group has paid its first ever dividend. What’s more, trading remains buoyant and profits and dividends are set to increase. To add insult to injury, the stock market, despite recent volatility, has made heady progress since my IDN comments although the telecoms sector, weighed down by its heavyweights, has not always been fully connected to the exuberance. I wrote about this little provider of telecom services in February last year when its shares were around 3.25p They are now near 2.2p. However, ICAP’s shares may have a way to run yet.Its $775m acquisition of EBS, a currencies and commodities trading platform, is slated to complete on Monday.

Spencer, a pioneer of industry consolidation, contends that the deal will transform his company once again and help it claw in yet more market share.In torrid times, ICAP still looks a smart buy.. The stock market can be a ruthless place Ask IDN Telecom. They hit even the most optimistic forecasts by City analysts, yet the stock rose just 1.75p to 493p, valuing the business at £2.9bn.The stock now trades at 19.8 times forward earnings and, at first glance, looks expensive against peers such as Collins Stewart and the wider market. Factor in potential growth and the current valuation, 17 times forward earnings, is not demanding.

Buy.The above recommendations are taken from the daily Investment ColumnICAP looks the smart buy in times of market mayhemThe recent turbulence in the global stock markets may be sending many investors running for their tin hats, but the brokers at ICAP are rubbing their hands.The “inter-dealer broker” (IDB) – essentially a middleman between buyers and sellers of shares, currencies and various fancy derivatives – thrives on market volatility and uncertainty.Over the past three months, ICAP’s business has surged 80 per cent ahead of the same period last year, culminating in a record month for both volume and value of trading in May.Under its chief executive Michael Spencer, the company has burgeoned into the runaway market leader, handling trades worth $1 trillion each day and commanding a 29 per cent share of the global IDB market.Profits before tax for the year to the end of March of £204.3m were some 12 per cent higher than the previous year. Under this arrangement they keep their own name but outsource the work to Printing ’s Manchester hub. The company is in the process of significantly raising the capacity of its Manchester facility and is expanding overseas. Although Printing owns some of its outlets, the group’s expansion is mainly driven by franchise or so called “bolt on franchises” where an independent printer enters into a partnership with the company. Avoid.PRINTING.COMFull-year results from Printing showed a 44 per cent jump in the number of outlets it has in the UK to 172. There was also a 60 per cent jump in profits to £2.4m and a rise in the dividend to 1.75p a share from 0.5p previously.