9th Sep 2024 10:49
(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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Keystone Positive Change Investment Trust PLC, up 3.3% at 222.00 pence, 12-month range 182.00p-236.00p. While positive on its prospects, the firm notes a "challenging period of performance during a difficult backdrop for the investment trust sector". Keystone, which invests in companies which make a "positive" social or environmental impact, believes a "transaction" may be in the best interests of shareholders. "The board therefore intends to consult more widely with shareholders and to explore the company's options which include a rollover into the Baillie Gifford Positive Change Fund, an FCA authorised open-ended investment company with assets of GBP1.8 billion, substantially all of which is invested in the same portfolio of listed equities as the company," it adds. "The board intends that any proposal would include a cash exit option at a modest discount to the company's net asset value."
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Asos PLC, up 2.6% at 440.80p, 12-month range 328.84p-453.80p. The stock has risen more than 20% over the past week. The online fashion retailer on Thursday struck a deal to sell three-quarters of its ownership in Topshop and Topman to Danish firm Heartland in a joint-venture deal. Asos will get GBP135 million for its stake in the two brands, which have not operated physical shops since they came under the online shop's umbrella several years ago.
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SMALL-CAP - LOSERS
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JPMorgan Emerging Europe, Middle East & Africa Securities PLC, down 26% at 89.48p, 12-month range 65.60p-155.00p. The firm late Friday says its appointed depositary is mulling its options should JPMorgan Bank International, the sub-custodian of its Russia assets, become insolvent. It notes the value of current claims against its custodian JPMorgan top the total amount of available assets it holds in Russia. If claims are enforced, assets in Russia could be "seized in full". "This could result in the insolvency of JPMBI and impact JPMBI's ability to continue to operate under instruction from JP Morgan. As such, JP Morgan may be unable to continue to provide safekeeping, settlement and asset servicing of our clients' Russian securities in the same manner as it does currently. Additionally this may impact our clients' ruble cash," JPMorgan Emerging EMEA says. Chair Eric Sanderson notes the firm's Russia securities had comprised 8% of its net asset value as at April 30.
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By Eric Cunha, Alliance News news editor
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