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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Marston’s PLC, up 12% at 34.27 pence, 12-month range 25.55p-39.50p. Marston’s says it had sold its 40% interest in Carlsberg Marston’s Ltd to a subsidiary of Carlsberg for £206 million in cash. Marston’s will continue its strong partnership with Carlsberg Marston’s through the long-term brand distribution agreement which remains in place. Marston’s will use proceeds for to pay down debt, achieving its medium-term target of less than £1 billion of net debt in a ‘significantly accelerated’ time frame. Wolverhampton-based brewer Marston’s says the deal is an ‘attractive result’ for shareholders with the outcome earnings accretive. Chief Executive Justin Platt says: ‘This deal further strengthens our balance sheet, significantly reducing our debt by over £200 million.’
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Ferrexpo PLC, up 7.1% at 55.70p, 12-month range 40.75p-97.90p. The company, which is a producer iron ore pellets in Ukraine for use in low-carbon steel production, notes ‘strong production results’ for first six months of year. It says there has been an 83% increase in production compared to the previous six months, ended December 2023. Interim Executive Chair Lucio Genovese says: ‘During the quarter access to the Black Sea maritime corridor enabled us to continue shipments from Ukrainian ports. Since the corridor was opened in late 2023, it is estimated that over 800 ships have safely passed through, including 90 with ferrous commodities. The increased number of owners prepared to charter vessels to Ukrainian ports, resulted in improved availability, however freight rates and insurance risk premiums remain high, not only for the passage to Ukraine, but also through the Red Sea.’
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SMALL-CAP - LOSERS
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Carr’s Group PLC, down 3.3% at 141.25p, 12-month range 92.00p-152.02p. Shares in the agriculture and engineering company fall after a good start to 2024. In the year-to-date, Carr’s stock is up 38%.
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