10th Sep 2024 10:47
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Trifast PLC, up 2.4% at 81.95 pence, 12-month range 65.80p-97.62p. The industrial fastenings firm's aims to improve margins and boost cash generation are "on track", Non-Executive Chair Serena Lang is to say at an annual general meeting Tuesday afternoon. "Whilst economic and geopolitical challenges remain, we are committed to the execution of our four key strategic initiatives of margin management, focused growth, organisational effectiveness, and operational efficiency that will enable us to maintain positive momentum as we look to make progress on our recover, rebuild, resilience journey," Lang adds. In addition, Trifast says its Interim Chief Financial Officer Kate Ferguson takes on the role permanently. "During the search process Kate came out very strongly as a team player with all round financial acumen for a CFO role," Chair Lang explains.
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Luceco PLC, up 2.0% at 156.06p, 12-month range 97.37p-195.00p. The lighting manufacturer and distributor reports stronger half-year results. Revenue in the six months to June 30 rises 8.4% on-year to GBP109.6 million from GBP101.1 million. Pretax profit jumps 40% to GBP8.7 million from GBP6.2 million. Luceco lifts its dividend by 6.3% to 1.7p from 1.6p. "These are strong results despite a challenging market backdrop," Chief Executive Officer John Hornby says.
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SMALL-CAP - LOSERS
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Capital & Regional PLC, down 7.5% at 63.82p, 12-month range 48.88p-73.80p. Suitor Praxis decides against making an offer for the London-based real estate investment trust. Praxis, a privately owned property company that specialises in shopping centres in the UK, in July became the third bidder that has shown interest in Capital & Regional this year. Capital & Regional said Praxis made the move on July 5. It followed takeover interest from NewRiver REIT PLC and Vukile Property Fund. Vukile late in May withdrew its interest.
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Asos PLC, down 4.0% at 417.80p, 12-month range 328.84p-453.80p. Barclays cuts the stock to 'underweight' from 'equal weight'. It views the risk/reward story at the online fashion retailer to be "skewed to the downside".
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By Eric Cunha, Alliance News news editor
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