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SMALL-CAP WINNERS & LOSERS: Petrofac JV wins USD1.5 billion contract

18th May 2023 10:24

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

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SMALL-CAP - WINNERS

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Petrofac Ltd, up 12% at 74.51 pence, 12-month range 45.38p-161.2p. The energy services company says its joint venture is awarded USD1.5 billion for a petrochemical engineering, procurement and construction contract by Step Polymers Spa. The contract concerns a "significant" petrochemical project in Algeria. The plant will be located in the Arzew industrial zone, and is expected to produce 550,000 tonnes of polypropylene per year "The award of this major project builds on Petrofac's 25-year track record of successfully supporting Algeria's energy industry," says Petrofac Engingeering & Construction COO Elie Lahoud.

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De La Rue, up 2.9% at 40.75p, 12-month range 33p-117.4p. The banknote printer and authentication firm announces it has appointed Clive Whiley as non-executive chair with immediate effect. Whiley is currently chair of Mothercare PLC, and senior independent non-executive director of Griffin Mining Ltd and Sportech PLC. He was previously chair at funeral services provider Dignity PLC. Interim Chair Nick Bray will return to his role as non-executive director. The firm's former chair, Kevin Loosemore, recently resigned following months of pressure from the firm's major shareholder Crystal Amber Fund, which had called for him to step down.

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SMALL-CAP - LOSERS

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888 Holdings PLC, down 2.9% at 79.92p, 12-month range 50.5p-220p. The William Hill owner's stock falls as Berenberg cuts the price target to 190p from 220p previously. The broker maintains its buy rating, however.

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By Elizabeth Winter, Alliance News senior markets reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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