When pennies seem to be real market leaders

THE saying "be thankful for small mercies" applies perfectly to the local stock market's current obsession with low-priced issues. After enduring a year of low volume, silent telephones and severely reduced commissions, remisiers are finally finding themselves gainfully occupied and breathing a little easier thanks to the small cap, penny stock rally of the past fortnight.

Many reported heightened interest among retail clients who have been attracted by the momentum in penny …