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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DFS Furniture PLC, up 8.4% at 111.00 pence, 12-month range 95.90p-170.00p. The sofa retailer rises, after competitor ScS Group PLC agrees takeover. Shares in ScS were up 60% to 271.15 pence after the sofa seller agreed to £99.4 million takeover offer from Italian peer Poltronesofa. ScS shareholders will receive 270p in cash, plus a 10p final dividend, for 280p in total. ScS Non-Executive Chair Alan Smith says: ‘The acquisition will enable ScS to continue as part of a broader, pan-European entity in pursuit of its strategy and position it for long-term success in the UK.’
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Petra Diamonds Ltd, up 4.6% to 48.70p, 12-month range 46.65p-120.31p. The diamond miner and supplier says total diamond production increased 12% quarter-on-quarter to 696,639 carats in its first quarter ended September 30. It says this was mainly due to Williamson successfully resuming operations ahead of schedule. Revenue from diamonds rose to $97.6 million from US49.9 million in the previous quarter. Chief Executive Richard Duffy says: ‘We believe the actions taken by the major producers to curb supply and the two-month Indian diamond import moratorium will assist in stabilising the market and supporting prices as inventory levels reduce. Whilst we continue to see support for the market in the medium to longer term as a result of the structural supply deficit, we are taking prudent steps to enhance our business resilience in light of these market challenges and uncertainties that are expected to continue over the coming months.’
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SMALL-CAP - LOSERS
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Trifast PLC, down 5.7% at 69.20p, 12-month range 46.70p-93.50p. The industrial fastenings firm says revenue in the first half of its financial year, ended September 30, is down 2% year-on-year. Trifast says this was driven by reduced demand mainly in health & home and its distribution channels, partially offset by light & heavy vehicle growth. Looking ahead, Trifast expects the financial year to be weighted to the second half. ‘Whilst we remain confident in the delivery of our revenue pipeline generation, margin improvement and working capital plans, we are mindful of the elevated uncertainty over demand conditions as a result of ongoing macro-economic challenges and recent global geopolitical unrest,’ it adds.
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