20th Dec 2023 10:19
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
----------
SMALL-CAP - WINNERS
----------
Petrofac Ltd, up 40% at 31.35 pence, 12-month range 14.58p-91.05p. The energy infrastructure firm announced says it has seen "exceptional" new order intake across Engineering & Construction and Asset Solutions, totalling USD6.8 billion in 2023 so far. It expects the backlog to be around USD8.0 billion by the year. It announces the second contract award under the six-project USD14 billion framework agreement with TenneT, working alongside Hitachi Energy, with Petrofac's portion of the contract worth around USD1.4 billion. The firm also says it expects revenue of about USD2.5 billion in 2023, in line with guidance, and a business performance loss before interest and tax of around USD180 million. However, the stock remains down 56% in the year-to-date.
----------
MJ Gleeson PLC, up 2.5% at 486.65p, 12-month range 331p-490.25p. The housebuilder and land investor rises as the interest-rate sensitive sector gets a boost from a surprise UK inflation print. New data from the UK's Office for National Statistics on Wednesday shows headline inflation dropped below 4% in November much earlier than expected. In response, the market is now pricing in at least two interest rate cuts from the Bank of England beginning from the second quarter. The housebuilder sector has been hampered by historically high interest rates, which have driven up the costs of mortgages.
----------
SMALL-CAP - LOSERS
----------
CAB Payments Holdings PLC, down 6.5% at 74.89p, 12-month range 46.1p-337p. The cross-border payments and foreign exchange firm adds to the year's losses, having been booted out of the FTSE 250 index on Monday. It had joined the index in September, following its GBP851.4 million initial public offering in July at 335p a share. However, its shares plummeted by over 70% in October following a warning that annual revenue would fall short by about 17% of its guidance.
----------
By Elizabeth Winter, Alliance News deputy news editor
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
MJGleesonPetrofacCab Payments