20th Dec 2024 11:25
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Pharos Energy PLC, up 7.1% at 22.6 pence, 12-month range 18.7p-26.8p. The London-based energy company with assets in Vietnam and Egypt says the Vietnamese government has formally granted its application for five-year licence extensions on the TGT and CNV fields, Pharos' two producing assets in Vietnam, to the Hoang Lond and Hoan Vu joint operating companies respectively. Says the JOCs will now formally approve and start supplementary documentation to finalise the extensions. This extends the TGT licence to December 7, 2031, and the CNV licence to December 15, 2032.
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Headlam Group PLC, up 6.1% at 139.5p, 12-month range 125p-225p. The Birmingham-based floor coverings specialist says it has sold multiple properties for a total of GBP53.9 million, representing a 64% premium to the cumulative book value of GBP32.9 million and 14% to the last cumulative market valuation of GBP47.1 million. Says the "substantial profit" on the sales will be recognised as non-underlying income. Sales formed two transactions: the sale of three properties in Ipswich, Gildersome and Leeds for GBP50.9 million aggregate to a single buyer, and the sale of an Uddington property for GBP3.1 million - higher than its latest valuation of GBP2.3 million. Also, Headlam announces that Chair Keith Edelman plans to step down and not seek re-election as a director at the annual general meeting in May. He "will support a managed transition to his successor". Company names Edelman's succcessor as Stephen Bird, who recently stepped down from the role of chief executive of Videndum PLC.
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SMALL-CAP - LOSERS
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Petra Diamonds Ltd, down 7.8% at 26.75p, 12-month range 25.2p-70p. The South Africa and Tanzania-focused diamond miner says sales for financial 2025 to date total USD146 million for 1.3 million carats, down from USD188 million the prior year for 1.7 million carats. Adds that average price of diamonds has decreased to USD112 per carat from USD113. The average price increased to USD121 per carat from the Cullinan mine; decreased to USD78 per carat from the Finsch mine; and decreased to USD170 from the Willamson. Petra has lowered its pricing forecasts for the full year, expecting diamonds from Cullinan to cost between USD120 and USD130, down from between USD125 and USD135. Finsch diamonds are forecast to cost between USD80 and USD90, down from USD98 to USD105. Williamson diamonds should cost between USD170 and USD200, down from at least USD200 and up to USD225.
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By Emma Curzon, Alliance News reporter
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