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SMALL-CAP WINNERS & LOSERS: Petra Diamonds notes softer demand

19th May 2023 10:07

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.




Lowland Investment Co PLC, up 0.8% at 121.96 pence, 12-month range 99.05p-135.00p. The managed growth and income trust investing mainly in UK equities reports a net asset value total return of 16.1% in the half-year to March 31, outperforming the FTSE All-Share return of 12.3%. NAV per share falls to 131.9p at period end from 141.1p a year before, but rises from 115.9p at the end of September. "This is a tentative recovery in the company's performance, which has been disappointing since the Brexit vote," it says. Declares second interim dividend of 1.525p, unchanged year-on-year.




Petra Diamonds Ltd, down 1.0% at 66.30p, 12-month range 64.10p-123.00p. The Jersey-headquartered diamond company says its fifth tender in financial 2023 yields USD42.1 million. Notes softening in demand after strong sales during the fourth tender cycle, which ended in March. This means the like-for-like price for goods sold was lower than the fourth cycle, and behind the third cycle as well. "The softer demand is attributed to inventory levels in the midstream and extended shutdowns by certain manufacturers following the recent Indian holidays," says CEO Richard Duffy. Duffy says demand is expected as holidays end in the coming weeks.


By Elizabeth Winter, Alliance News senior markets reporter

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