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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Helical PLC, up 1.5% at 209 pence, 12-month range 181p-329p. The property developer agrees to sell the 5 Charterhouse Square property in London to an unnamed real estate fund managed by Ares Management for £43.5 million. Helical says the six-storey building provides 45,000 square feet of modern office space and is home to a range of creative occupiers including marketing agency Anomaly London LL; the FTSE-listed betting and gaming company, Entain; and the communications consultancy, Hudson Sandler.
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Gore Street Energy Storage Fund PLC, up 1.1% at 64.7p, 12-month range 60.00-104.60p. The investor in utility-scale energy storage projects acquires the remaining 49% stake of two existing Irish projects: Porterstown, a 90 megawatt asset, and Kilmannock, a 120MW construction asset. It also exercises the option to acquire a 51% stake in Project Mucklagh, a 75MW pre-construction energy storage project located in Ireland. The project has a target energisation date of 2028. Gore Street Energy says the transactions to be settled by issue of 9.7 million shares at 110.0 pence each. The deals raise its total Irish asset base to 385 megawatts, of which 130MW is operational.
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SMALL-CAP - LOSERS
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Baillie Gifford Shin Nippon PLC, down 1.8% at 122.2p, 12-month range 115.26p-156.02p. The investment company focused on investing in small Japanese companies reports net asset value per share on January 31 of 147.8 pence, down from 173.6p a year earlier. In the financial year ended January 31, NAV falls 15% and underperforms against comparator index MSCI Japan Small Cap Index, which was up 6.3% over the same period. In sterling terms over five years, NAV falls 6.8% compared to 24% rise in comparator index. Chair Jamie Skinner says: ‘The past couple of years have been very challenging for high growth investing and some of the headwinds (heightened macroeconomic and geopolitical concerns) over this period persist. However, there are some encouraging signs. Inflation in the US is showing signs of cooling which has led to expectations of an end to the current cycle of interest rate increases. Japanese corporate earnings and profits remain resilient, with several companies guiding higher...The board and managers are confident that the current portfolio can generate superior growth relative to the comparative index. Considering the current low valuation and a mid teens discount, we think the company should be top of mind for investors looking for Japanese equity exposure.’
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