8th Oct 2024 10:38
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Petra Diamonds Ltd, up 7.1% at 37.50 pence, 12-month range 25.00p-74.00p. Shares in the diamond producer extend gains after an 8.0% jump on Monday. It announced Monday it received South African government clearance for the sale of the Koffiefontein mine. Petra said it will avoid incurring closure-related costs of USD15 million-USD18 million. The diamond miner in South Africa and Tanzania expects the deal to close before the end of October 2024. It announced a deal for the sale of the asset in December.
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SMALL-CAP - LOSERS
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JPMorgan China Growth & Income PLC, down 9.8% at 248.00p, 12-month range 182.00p-281.00p. China-focused investors slumped as an absence of new stimulus measures hit risk appetite. The Hang Seng Index in Hong Kong plummeted 9.4%, while the Shanghai Composite rise 4.6%, though well off an earlier high of around 10%. Traders in Shanghai returned to desks on Tuesday after the Golden Week holiday. Baillie Gifford China Growth Trust PLC fell 7.5%.
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Motorpoint Group PLC, down 1.3% at 151.00p, 12-month range 70.80p-160.00p. The vehicle retailer expects a return to first-half profit, though it cautions that used vehicle supply remains tepid. For the first half to September 30, it expects pretax profit of GBP2.0 million, swinging from a loss of GBP3.7 million. The prior year figure excludes exceptional items, of which there were none this time around. "As macroeconomic headwinds eased in H1 FY25, used car prices and margins remained broadly stable and customer sentiment improved. The first reduction of interest rates in August was encouraging and future cuts should further aid profitability. The supply of used vehicles remains subdued, particularly at the newer end of the market. However, the increased customer demand, coupled with the successful execution of our Brilliant Basics programme during FY24 to drive operational excellence and right size the business, has resulted in a return to profitability," Motorpoint says.
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By Eric Cunha, Alliance News news editor
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