Small caps round-up: Paragon Diamonds, Phytopharm. Ingenious Media,

Paragon Diamonds has discovered its first five large diamonds from the Lemphane Kimberlite site in Lesotho, ranging from 2.00 carats to 6.30 carats, which were recovered from the first bulk sample. A total of 46.79 carats in 102 diamonds were recovered, at an average stone size of 0.46 carats per stone. Shares gained 5.79% to 32.00p.

Phytopharm, a developer of pharmaceuticals, has performed in line with its expecations during the period from October 1st to date, with a number of projects set for completion this year. The firm believes it is fully financed until the end of 2013, as its "lean operational structure continues to provide substantial cost and technical benefits". Shares rose 3.11% to 9.12p.

Ingenious Media Active Capital, a financial services firm, has said it knows of no reason for the recent rise in its share price. The stock almost doubled in price yesterday, rising from 9.25p (closing price on Tuesday) to 17.13p at the close. However, the company did note that it has received a non-binding indicative offer for one of its investee companies, which if sold would be a material transaction for the company. Shares pulled back today, trading down 13.87% at 14.75p.

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Symphony Environmental Technologies has announced that its products meet the requirements of Decree 77/5 of the United Arab Emirates which now states that the import and manufacture of plastic bags and other plastic products not conforming to the approved specification was prohibited as from January 1st 2012. The firm has described the fact it meets the specification as a "huge opportunity to supply an indicative market of over 500,000 tons of polymers." Shares rose 1.69% to 7.50p.