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SMALL-CAP WINNERS & LOSERS: Petrofac slides again on weaker oil prices

27th Nov 2023 09:46

(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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abrdn European Logistics Income PLC, up 6.5% at 60.52 pence, 12-month range 49.45p-82.97p. The company, an investor in urban logistics real estate assets, announces a strategic review, which could result in its sale. abrdn European Logistics Income explains it is of a size "which might deter some potential investors due to lower share liquidity and a higher relative cost base". It adds: "The company's shares have continued to trade at a significant and persistent discount to net asset value per share, which the board and investment manager believe does not reflect the long-term prospects of the portfolio."

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SMALL-CAP - LOSERS

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JPMorgan China Growth & Income PLC, down 1.9% at 239.36p, 12-month range 214.55p-423.00p. Shares in the China-focused investor fall as fears for the nation's property sector are reignited. Chinese police have opened an investigation into Zhongzhi Enterprise Group after the debt-ridden financial firm declared itself insolvent, AFP reported. Police in Beijing, where the group is headquartered, said late Saturday they had opened an investigation into unspecified "alleged offences", adding that they had taken measures against several suspects. During China's real estate boom, many developers used Zhongzhi to finance their projects.

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Petrofac Ltd, down 5.7% at 32.41p, 12-month range 31.92p-97.88p. Shares in the provider of services to the energy industry are on track to suffer a sixth-successive daily decline. The stock has been hurt by weaker oil prices of late. During this losing streak, shares have slumped some 20%. A barrel of Brent oil fetches USD79.85 on Monday morning London time, down from USD81.47 at the time of the London equities close on Friday.

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By Eric Cunha, Alliance News news editor

Comments and questions to [email protected]

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