9th Aug 2024 10:37
(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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abrdn Property Income Trust Ltd, up 1.0% at 54.63 pence, 12-month range 44.15p-57.90p. The real estate trust says net asset value per share was 73.3p at the end of June, falling from 76.4p at the end of March. Says this is partly due to a reduction in property values, but also to accounting changes and costs of its strategic review. "The company is in a robust financial position as it has sufficient cash to meet ongoing obligations, and through the managed wind down will be able to repay debt and return capital to shareholders. The intention is to use sale proceeds to repay the [revolving credit facility] as a priority before returning capital to shareholders," it says.
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SMALL-CAP - LOSERS
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Ocean Wilsons Holdings Ltd, down 1.6% at 1,240.00p, 12-month range 912.26p-1,500p. The Bermuda-based investment holding company reports a solid set of interim results, but it receives a higher tax bill and injects a note of caution about the future. Pretax profit rises 13% to USD65.7 million in the first half, from USD58.3 million the previous year. This comes on revenue that increases 14% to USD262.4 million from USD229.7 million. However, profit after tax falls to USD38.4 million from USD47.9 million, due to a USD14.1 million deferred tax expense resulting from timing differences. Whilst it notes that lower interest rates are likely to help share prices in the short term, the investor warns that "increasing geopolitical uncertainty is likely to impact longer term asset returns".
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By Elizabeth Winter, Alliance News deputy news editor, Global services
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