The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.
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SMALL-CAP - WINNERS
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Costain PLC, up 5.6% at 49.82 pence, 12-month range 33.05p-61.80p. The infrastructure construction firm has been appointed by United Utilities PLC as a manager service provider for a further two years to May 2026. Says contract extension could see another three-year extension in due course. It was initially a five-year contract, first awarded in 2019. Costain gave no financial details. Back in 2019, it said the initial five-year contract was worth £35 million. ‘This is a strategically important contract for Costain. We’ve already delivered big improvements working together with United Utilities on the MSP Framework, leveraging increased automation of data processing and insights to enhance our service delivery,’ says Sam White, Costain’s managing director of Natural Resources.
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Tullow Oil PLC, up 3.9% at 32.16p, 12-month range 21.82p-53.97p. After announcing the successful start-up of the Jubilee South East project on Friday, the oil company says the Jubilee field production has surpassed 100,000 barrels of oil per day. This was after a second production well was brought on stream. Both wells are performing in line with expectations, with production rates around 50% higher than the first half of the year. It says two further wells are on track to be tied in over the rest of the year. ‘Reaching production of over 100,000 bopd from the Jubilee field is a major milestone for Tullow, our partners and for Ghana,’ says CEO Rahul Dhir.
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SMALL-CAP - LOSERS
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Kenmare Resources PLC, down 1.0% at 434.12 pence, 12-month range 367.12p-500.00p. The Mozambique-focused titanium minerals and zircon producer has its stock cut to ‘hold’ from ‘buy’ by Berenberg. The German investment bank also cuts the target price to 540p from 760p previously. Last Thursday, Kenmare said its second-quarter production fell due to unreliable power and the effects of lightning strikes in the first quarter. Consequently, it lowered annual production guidance for ilmenite.
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