18th Apr 2023 10:37
(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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Triple Point Social Housing REIT PLC, up 9.3% at 52.80 pence, 12-month range 42.25p-95.4p. The investor in social housing announces it will begin a share buyback programme for up to GBP5.0 million. "The board believes that the discount to net asset value per ordinary share at which the company's shares currently trade materially undervalues the company and its portfolio," it explains. It believes the buyback programme will be accretive to NAV and will increase its dividend cover. Says it already has approval to repurchase around 40.3 million shares, which was granted by shareholders at its 2022 annual general meeting. It will seek further approval at the next annual general meeting.
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SMALL-CAP - LOSERS
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Petra Diamonds Ltd, down 2.7% at 73p, 12-month range 68.5p-138.24p. The diamond miner with assets in South Africa and Tanzania says revenue fell to USD67.8 million in the third quarter, compared to USD107.8 million. "Higher pricing at the Cullinan mine and Finsch in the quarter was more than offset by tender cycle timings," it explains, expecting the resultant inventory build to be released in the fourth quarter. Diamond production in the third quarter rose 3% from the previous quarter to 653,700 carats. This was due to a 14% jump in production at Finsch, after new equipment was introduced, and was also helped by a 7% rise at Cullinan mine. These helped to offset the suspension of production at Williamson, and placing Koffiefontein on care and maintenance.
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By Elizabeth Winter, Alliance News senior markets reporter
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