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SMALL-CAP WINNERS & LOSERS: Tullow Oil rises as eyes higher cash flow

15th Nov 2023 10:19

(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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Ocean Wilsons Holdings Ltd, up 7.2% at 1,054.9 pence, 12-month range 816.00p-1,075.00p. The investment holding company provides a quarterly update on one of its two subsidiaries. Says Wilson Sons, a maritime services company operating in Brazil, sees year-to-date third-quarter net revenue climb to USD356.4 million, which is 8.3% higher than the prior year. Profit rises 33% to USD58.5 million. "Overall, the year-to-date performance demonstrates strong organic growth in the business. We remain positive on the fundamentals of trade flow-related businesses of towage and container terminals which, together with rebounding demand for offshore energy-linked services are driving growth and improved performance of these assets," the firm says. It adds its adviser, Banco BTG Pactual SA, has received a "number of indicative non-binding offers" for the firm's indirect investment in Ocean Wilsons Overseas Ltd and in Wilson Sons. Will evaluate all strategic options and update in due course.

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Tullow Oil PLC, up 4.4% at 34.98p, 12-month range 21.82p-48.92p. The oil and gas explorer and producer raises its annual free cash flow guidance to around USD150 million from around USD100 million, which it credits to increased sales volumes in Gabon and deferral of some capital expenditure. The stock had also risen on Tuesday, after securing a USD400 million five-year notes facility agreement with Glencore Energy UK Ltd, part of Glencore PLC.

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SMALL-CAP - LOSERS

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Warehouse REIT PLC, down 1.2% at 85.6p, 12-month range 68p-119.6p. The London-based industrial warehouse investor reports interim results for the six months to September 30. Says gross property income edges down to GBP23.3 million from GBP24.1 million a year before, and swings to pretax profit of GBP22.0 million from a loss of GBP46.4 million. Net asset value per share rises to 126.4p at the end of September, from 124.4p at the end of March. Adjusted earnings per share - which the board deems the "more relevant indicator of core earnings" drop 12% to 2.3p from 2.6p a year before. Jefferies cuts the stock's target price to 112p from 124p previously, but maintains its 'buy' rating.

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By Elizabeth Winter, Alliance News senior markets reporter

Comments and questions to [email protected]

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