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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Petrofac Ltd, up 19% at 39.14 pence, 12-month range 14.58p-91.05p. The energy infrastructure firm adds to last week’s gains, rising 74% over the past week. Last Wednesday, it had announced that it has seen ‘exceptional’ new order intake across Engineering & Construction and Asset Solutions, totalling $6.8 billion in 2023 so far. It expects the backlog to be around $8.0 billion by the year. It also announced the second contract award under the six-project $14 billion framework agreement with TenneT, working alongside Hitachi Energy, with Petrofac’s portion of the contract worth around $1.4 billion.
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Canadian Overseas Petroleum Ltd, up 17% at 0.38p, 12-month range 0.20p-19.80p. The Calgary-headquartered firm reports the resignation of its chief executive officer, John Cowan, providing no reason for his departure. Cowan, in post only since September, will remain on the board for the time being while a replacement is found, COPL says. The oil and gas explorer had a challenging week in the run-up to Christmas, with its shares plunging 70%, following the termination of a letter of intent for the Cole Creek joint venture, and a warning that it will need additional financing from next month. The stock remains down more than 60% over the past week and by 98% over the past year.
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SMALL-CAP - LOSERS
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Zotefoams PLC, down 6.3% at 341.16p, 12-month range 258.55p-415p. Shares in the cellular material technology firm slide, with the stock making little progress - down 0.3% - over the past year. It last updated the market in early November, citing lower third-quarter revenue but ‘good visibility of confirmed orders’ for the remainder of 2023. It guided for revenue at a similar level to 2022’s £127.4 million.
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