The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Chesnara PLC, up 2.1% at 260.35 pence, 12-month range 240.00p-289.50p. The Preston, England-based insurance company and pension consolidator’s shares enjoyed a boost on Friday, after languishing at the bottom of the index on Thursday, ahead of the publication of its half-year results on September 10. In March, the group reported pretax profit of £1.3 million in 2023, swung from a pretax loss of £62.1 million the year before. It also posted a 1.3% rise in insurance revenue to £228.0 million from £225.1 million a year prior. At the time, Chesnara said it expected more positive signs for a return to normality regarding macro-economic conditions. In the year-to-date, Chesnara’s shares are down 3.1%.
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Asos PLC, up 1.7% at 441.40p, 12-month range 328.84p-453.80p. The online fashion retailer’s shares were up, even after several new broker ratings. Deutsche Bank cut Asos’ price target to 485 pence from 500p, while Barclays cut the retailer’s price target to 300p from 355p. By contrast, Goldman Sachs raised its target to 360p from 320p. The ratings follow news that Asos will sell three-quarters of its ownership in Topshop and Topman to Danish firm Heartland by forming a 75:25 joint venture. Asos will get £135 million for its stake in the two brands, which have not operated physical shops since they came under the online shop’s umbrella several years ago. It said it will also have the right to sell a further 5% in the brands for £9 million at a later date, as part of the deal.
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SMALL-CAP - LOSERS
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Digital 9 Infrastructure PLC, down 9.0% at 18.75p, 12-month range 14.50p-64.10p. The investor in internet infrastructure, such as data centres and subsea fibre, expects provisional net asset value of 45p per share at June 30, down from 79.3p on December 31. Puts this down to a reduction in the value of its unaudited portfolio, originating from a review under International Financial Reporting Standards. The valuation process is still ongoing.
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