7th Dec 2022 10:56
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
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SMALL-CAP - WINNERS
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Marstons PLC, up 2.7% at 39.23 pence, 12-month range 33.38p-85p. The pub and hotel operator rises in a positive read-across from fellow publican Mitchells & Butlers PLC. M&B says pretax profit in the financial year that ended September 24 was GBP8 million, swinging from a loss of GBP42 million a year earlier, as revenue more than doubles to GBP2.21 billion from GBP1.07 billion. M&B notes a continuing recovery of sales in recent weeks, aided by a general return to office working, city centres becoming stronger, and consumers returning to the hospitality sector. M&B shares are up 4.5%.
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SMALL-CAP - LOSERS
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Topps Tiles PLC, down 5.2% at 47.2p, 12-month range 37p-69.8p. The tile specialist said it has received a requisition notice that requires proposals to oust its executive chair be put to the annual general meeting on January 18. The notices come from MS Galleon GmbH, which holds a 29.9% stake in the firm, via Lynchwood Nominees Ltd. The proposals put forward that Executive Chair Darren Shapland should be removed from his position and as a company director with immediate effect, and that Lidia Wolfinger and Michael Bartusiak should be appointed as non-executive directors. MSG owns Cersanit, a major European producer of tiles, and has advocated for Topps to source more of its tiles from Cersanit. "The board unanimously rejects these proposals, which it believes present a clear conflict of interest between MSG's objective for Cersanit to be a major supplier of Topps and the interests of all Topps shareholders," the company says.
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Hochschild Mining PLC, down 1.9% at 66.45 pence. 12-month range 50.4p-151p. The silver and gold miner falls alongside other mining stocks, as the demand outlook is dimmed by weak economic data from China. Imports fell 11% year-on-year in November, the biggest collapse since May 2020. Exports fell by 8.7%, the biggest drop since February 2020, when the country was mired in the early stages of the Covid-19 pandemic.
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By Elizabeth Winter, senior markets reporter
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Related Shares:
MarstonsMitchells & ButlersTopps TilesHochschild