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SMALL-CAP WINNERS & LOSERS: Tullow Oil starts up Jubilee South East

14th Jul 2023 09:44

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.

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SMALL-CAP - WINNERS

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Gym Group PLC, up 5.2% at 105.6 pence, 12-month range 81.5p-191.4p. The gym chain extends Thursday's gains, when its shares closed up 12%. The Croydon, England-based operator of 230 low-cost gyms said revenue in the first half rose 19% year-on-year to GBP99.8 million from GBP84.2 million, or by 7% on a like-for-like basis. Gym membership increased to 867,000 as of June 30 from 821,000 on December 31 and 790,000 a year ago. Average revenue per member per month rose 8% in the half-year to GBP18.81. The firm said it was "well set" to meet market expectations for its full year.

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Tullow Oil PLC, up 2.8% at 30.66p, 12-month range 21.82p-53.97p. Alongside its joint venture partners, the oil company announces the successful start-up of the Jubilee South East project, located offshore Ghana. Says the first well has been brought onstream, and it expects two further producers and one water injector to be brought onstream this year. This will help sustain gross production at Jubilee of over 100,000 barrels of oil per day, it says. "The partnership has identified multiple future drilling locations and is focused on high-grading these opportunities to further extend the plateau and realise the full potential of the significant Jubilee resource base," Tullow says. Shares in Kosmos Energy Ltd, a partner on the joint venture, were untraded.

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SMALL-CAP - LOSERS

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Hunting PLC, down 1.1% at 268.50p, 12-month range 185.40p-354.00p. The energy services firm returns some of Thursday's gains, having closed up 4.0%. Berenberg had raised the stock to 'buy' from 'hold' early Thursday. Later that day, Hunting announced it will collaborate with Dutch engineering firm CRA-Tubulars BV to develop energy transition market opportunities in North America.

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By Elizabeth Winter, Alliance News senior markets reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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