16th Mar 2026 10:02
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.
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SMALL-CAP - WINNERS
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Kendrick Resources PLC, up 33% at 2.85 pence, 12-month range 2.86p-0.15p. The mineral exploration and development company says assays from a drill hole at the Bonya rare earth project, Namibia have "significantly exceeded expectations". It reports drill intercepts over "notable mineralised widths" and at grades that place the Bonya carbonatite complexes "amongst the best rare earths projects worldwide". It says the drill hole ends in 6.09% of total rare earth oxides with expectations that mineralisation continues at depth. "The results are extremely impressive and as good a start as the company could wish for. What is particularly encouraging is the correlation between surface work and actual drill results since there is much channel sampling and trenching that we are able to use to target our future drilling," says Chair Colin Bird.
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CAB Payments Holdings PLC, up 13% at 88.73p, 12-month range 89.00p-37.05p. The payment processing and foreign exchange provider rises after StoneX makes a proposal to buy the company. StoneX submits an all-cash takeover proposal for CAB Payments at 95p per share, which is a 32% premium to the undisturbed share price of 72p, before an earlier bid from the Helios consortium. It says the proposal is 11% higher than the Helios consortium's firm offer of 85p from earlier this month. "StoneX believes that its proposal would provide a compelling opportunity for CAB Payments' shareholders to monetise their holdings in CAB Payments for cash at an attractive valuation which is also at a significant premium to its recent and undisturbed share price and the Helios consortium's firm offer," it says. StoneX says it is confident it would be the "best long-term owner and custodian of CAB Payments" and added that it looks forward to engaging with the firm and the Helios consortium. In response, CAB Payments says its independent board is evaluating the possible offer with its financial and legal advisers. It advises shareholders to take no action at this time. CAB says evaluation of the proposal will take into account its guidance and the "significant improvement" in its performance in 2025.
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SMALL-CAP - LOSERS
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abrdn Property Income Trust Ltd, down 9.9% at 1.82p, 12-month range 6.48p-1.01p. Shares in the Guernsey-registered UK real estate investor continue to fall. Data from Rightmove shows the UK average new seller asking price was up 0.8% in March, a "typical seasonal increase", to GBP371,042. On-year, the average new seller asking price was 0.2% lower in March. Rate cut expectations for the Bank of England are on the decline against the backdrop of the conflict in the Middle East. Rightmove mortgage expert Matt Smith says: "A March bank rate cut is unfortunately no longer on the cards and any further base rate cuts this year look uncertain. There is, however, no forecast bank rate increase either in the view of the financial markets."
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South32 Ltd, down 5.7% at 4.16p, 12-month range 4.91p-2.47p. The diversified mining company says it has placed Mozal Aluminium on care and maintenance, after failing to secure an "affordable" electricity supply deal in Mozambique. "Over the past six years we have engaged extensively with the government of the republic of Mozambique, Eskom and other key stakeholders but were unable to secure sufficient and affordable power supply for Mozal beyond March 2026," Chief Executive Officer Graham Kerr says. It says the alumina supplied from its Worsley Alumina refinery to Mozal will now be sold to third-party customers at "index-linked" prices. South32 holds 63.7% of Mozal, which is an aluminium smelter located near Maputo, the capital of Mozambique. "While this is not the outcome we wanted, we are proud of the history and significant contribution Mozal has made to the local community and the Mozambican economy in its 25 years of operation," South32's Kerr says.
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By Michael Hennessey, Alliance News reporter
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Related Shares:
Kendrick ResourcesCab PaymentsAbrdn PropertySouth32 Limited