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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Downing Renewables & Infrastructure Trust PLC, up 2.6% at 76.44 pence, 12-month range 73.97p-111.00p. Shares in the investor in solar parks, wind farms and hydroelectric assets recover after falling in five successive days. Shares fell 5.2% over the course of that losing streak. On Monday, it says it has signed a long-term pay-as-produced power purchase agreement for its Urdarfellsvirkjun hydropower plant in Iceland. The new pact expires in December 2032. ‘We are pleased to have secured this long-term PPA at the Urdarfellsvirkjun plant. Like other electricity producers in Iceland, Urdarfellsvirkjun benefits from 100% inflation-linked take-or-pay offtake arrangements under this agreement with no exposure to merchant power pricing. We look forward to bringing more of our Icelandic pipeline to fruition in due course,’ says Henrik Dahlstrom an investment director at Downing Renewables & Infrastructure’s investment manager Downing LLP.
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CMC Markets PLC, up 1.1% at 237.00 pence, 12-month range 86.90p-238.45p. Shares in the online trading platform provider rise again, looking set to extend its winning streak to five days. Earlier in April, the stock added 17% in a single trading day, after the London-based 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. The stock has more than doubled so far in 2023.
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SMALL-CAP - LOSERS
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Gulf Marine Services PLC, down 2.8% at 21.96p, 12-month range 4.40p-23.00p. The provider of self-propelled and self-elevating support vessels returns some gains, following a 14% share price rise on Thursday. Gulf Marine on Thursday reported double-digit earnings growth in 2023, and it sets out lofty 2024 guidance. Revenue in 2023 rose 14% to $151.6 million from $133.2 million. Its pretax profit jumped 66% to $44.9 million from $27.1 million. Earnings before interest, tax, depreciation and amortisation are 22% higher at $87.5 million from $71.5 million. For 2024, it expects an adjusted Ebitda between $92 million and $100 million, possibly a rise of 14%.
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