27th Dec 2024 11:24
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
----------
SMALL-CAP - LOSERS
----------
Walker Crips Group PLC, down 5.6% at 17 pence, 12-month range 16.7p-25p. The London-based stockbroker and asset manager swung to a pretax loss of GBP1.5 million in the six months that ended September 30 from the prior year's GBP268,000 profit, despite revenue increasing 2.3% to GBP15.8 million from GBP15.5 million. Declares no interim dividend due the results and its "capital and liquidity requirements". Assets under management are GBP2.7 billion on September 30, unchanged from March 31, but assets under management and administration are down 4.1% to GBP4.7 billion from GBP4.9 billion. Chair Martin Wright says the half-year "has been a difficult period", noting that conditions "were marked by considerable market volatility, driven by a challenging blend of high interest rates, global conflicts and political instability and, of course, a change of government in the UK. In the current environment, investor confidence has also been mixed due to economic pressures and central bank policy changes." Looking ahead Walker Crips expects the second half to be "as challenging" as the first, but Wright says the company has "made significant progress" in addressing its issues and that he is confident it can "navigate these challenges".
----------
Kenmare Resources PLC, down 2.8% at 325.75p, 12-month range 294p-399p. The titanium minerals and zircon producer updates on its Moma titanium minerals mine in northern Mozambique. The country has seen weeks of extreme unrest including looting, arson and vandalism since the Frelimo party won the presidential election in early October, with the opposition claiming the vote was rigged. Kenmare says however that despite this "widespread disruption elsewhere in Mozambique", there have so far been no material incidents at Moma and no damage to company facilities. Says operations continue and that the company "has comfortably exceeded minimum production guidance in respect of all products for 2024". Adds that it has increased security measures and "continues to monitor developments on a daily basis". Other miners in Mozambique have been less fortunate: Gemfields Group Ltd reported earlier this week that groups associated with illegal ruby mining took advantage of the unrest by setting fire to buildings built by its 75% owned Montepuez Ruby Mining Ltd. However on Friday Gemfields says it expects normal operations to resume by the end of the year. Gemfields shares were up 6.9% in London on Friday.
----------
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.