8th Aug 2025 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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Petra Diamonds Ltd, up 47% at 18.00p, 12-month range 11.00p-41.00p. The South Africa and Tanzania-focused diamond miner says diamonds sales revenue for the year that ended June 30 fell 33% to USD206 million from USD309 million, despite growing 19% in the fourth quarter to USD50 million from USD42 million in the third quarter. Diamonds sold over the year declines 18% to 2.4 million carats from 2.9 million carats. In the fourth quarter, Petra sells 687,870 carats, up 23% from 558,651 carats the quarter before. Tender 7 sales in June total USD21 million in revenue, 46% lower than USD39 million in tender 5/6, as diamonds sold falls to 283,970 carats from 529,202. Average price in tender 7 remains unchanged at USD73 per carat. Average price in the fourth quarter is down 2.7% at USD72 per carat from USD74. "We have continued to see an improved product mix, especially at Cullinan mine," say interim joint Chief Executive Officers Vivek Gadodia and Juan Kemp. "This is reflected in our first tender of FY26, where we achieved revenue of [around] USD25 million through the sale of 245,000 carats, with the Cullinan Mine achieving USD109 [per carat] and Finsch achieving USD92 [per carat]. We expect this product mix recovery to continue as we mine higher amounts of fresh ore over FY26." Petra also on Friday says it has agreed in principle to a long-term solution for refinancing, which includes a USD25 million rights issue at 16.5p per share, extending the maturity date of its senior secured bank debt to December 2029 and extending its senior secured second lien notes to March 2030. The refinancing proposals remain subject to shareholder approval.
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JPMorgan Emerging Europe, Middle East & Africa Securities PLC, up 6.5% at 289.00 pence, 12-month range 84.00p-300.00p. Notes the Russian court has suspended the claim against eight JPMorgan legal entities while the English court considers VTB Bank's appeal of the decision to grant the entities an anti-suit injunction. JPMorgan Emerging EMEA invests in the Middle East, Africa and "emerging Europe", including Russia. It says no further hearing date has currently been set in Russia, and notes it is possible VTB may appeal the suspension. The VTB lawsuit in Russia claims USD81.3 million from JPMorgan. VTB last year took action against JPMorgan after VTB was hit by Western sanctions following Russia's invasion of Ukraine, which prompted JPMorgan to freeze VTB funds in various accounts. JPMorgan argued at the time that VTB's Russian lawsuits were in breach of their previous agreement to settle any disputes through arbitration and applied for an anti-suit injunction in London, to prevent VTB pursuing its case in Russia. The court ruled in JPMorgan's favour in June, saying in a written ruling that VTB's pursuit of its lawsuits in Russia was "vexatious and oppressive".
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SMALL-CAP - LOSERS
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Tullow Oil PLC, down 7.3% at 10.36p, 12-month range 10.12p-29.04p. The Ghana and Ivory Coast-focused oil and gas producer's shares continue to slide following its half-year results release on Wednesday. The stock has fallen 27% since Monday. Tullow Oil on Wednesday said total revenue fell 38% to USD410.6 million in the six months to the end of June from USD666.5 million a year ago. It swung to a pretax loss of USD49.9 million from a USD254.3 million profit the year before. Working interest oil and gas production in the first half slipped 22% to 50,000 barrels of oil equivalent per day from 63,700 boepd, while the realised oil price after hedging was USD69.00 per barrel, down 11% from USD77.70 a year earlier. It left year-end net debt guidance unchanged at USD1.1 billion.
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By Emily Parsons, Alliance News reporter
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Related Shares:
Petra DiamondsJpmorgan EmeaTullow Oil