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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CMC Markets PLC, up 2.5% at 223.00 pence, 12-month range 86.90p-225.00p. The online trading firm’s share price improves after RBC raises its price target for CMC Markets to 240p from 190p. RBC rates CMC Markets at ’outperform’. On Wednesday last week, CMC Markets raised its full-year outlook after a positive fourth quarter. In a trading update for the financial year ending March, the London-based online trading firm said it expects full-year net operating income to exceed the top end of the previously guided range of between £290 million and £310 million. This would be up from £288.4 million in financial 2023. Following the strong trading performance seen in the third quarter, the positive momentum continued in the fourth quarter, CMC said.
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Renewi PLC, up 2.8% at 590.00p, 12-month range 446.50p-749.00p. The company which turns waste into recycled products opens a hard plastics sorting facility in Acht, Netherlands. It says the opening of the new facility advances its recycling efforts and solidifies its position as a leader in the sector and reducing reliance on traditional waste disposal methods. Renewi says: ‘The Acht facility showcases Renewi‘s innovative approach towards future recycling processes and will help increase the company’s recycling rate further. Renewi aims to expand partnerships with industry leaders and stakeholders, reaffirming its commitment to sustainability and helping leading the charge towards a waste-free future.’
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SMALL-CAP - LOSERS
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Synthomer PLC, down 2.4% at 253.50p, 12-month range 14.44p-301.37p. The chemicals manufacturer’s share price falls, despite Jefferies raising its price target for Synthomer to 220p from 130p. Jefferies rates Synthomer at ’hold’. Last month, Synthomer said its loss widened in 2023 as revenue dropped, but said it had been taking ‘decisive actions’ for longer term growth. Revenue fell 15% to £1.97 billion in 2023 from £2.33 billion the year before, due to a reduction in volume and pass through of lower raw material input prices, the firm explained. Pretax loss widened significantly to £106.8 million from £34.2 million as a result. Looking ahead, Synthomer said trading since the start of 2024 had been ‘cautiously encouraging’, due to short-term restocking by customers.
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