The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
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SMALL-CAP - WINNERS
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Sabre Insurance Group PLC, up 1.6% at 132.51 pence, 12-month range 124.40p-182.00p. Shares in the insurer rise amid M&A developments elsewhere in the sector. Aviva PLC said late Wednesday it had made an approach to buy Direct Line Insurance Group PLC, which had been rejected. The cash and shares deal valued motor and home insurer Direct Line at £3.26 billion. Sabre provides motor insurance ‘through a broad network of insurance brokers’ and through its Insure 2 Drive, and Go Girl brands.
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SMALL-CAP - LOSERS
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Tullow Oil PLC, down 10% at 20.52p, 12-month range 20.00p-40.32p. The Africa-focused oil & gas exploration and production firm lowered its free cash flow outlook amid payment delays and reiterated production would be at the low-end of prior guidance. Free cash flow is expected to be $150 million to $200 million, below previous guidance of $200 million to $300 million due to timing of payments, namely the incremental Jubilee lifting now expected in early January 2025 and overdue gas payments from the government of Ghana.
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Macfarlane Group PLC, down 1.1% at 102.89p, 12-month range 100.75p-147.50p. The packaging company expects a 2024 outturn ‘broadly in line with its full year expectations’. Revenue in the 10 months to October 31 is down 4% on-year, ‘with continued challenging market conditions resulting in weaker volumes and lower pricing impacting most sectors’. ‘These impacts are being offset by improved new business performance, effective management of pricing and costs and the completion of two acquisitions during the period, both of which are performing well,’ it adds. Macfarlane explains it expects an increase in employers’ national insurance rates and the national minimum wage announced in last month’s budget to up yearly costs by £1.5 million from April. ‘Mitigation actions are currently being reviewed to minimise the impact,’ Macfarlane says.
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