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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East Star Resources PLC, up 4.7% at 1.15 pence, 12-month range 0.90p-4.50p. The copper explorer in Kazakhstan says soil sampling has spotted a ‘very large gold in soil anomaly’ at the Snowy licence. Another ‘large anomaly with porphyry potential’ has also been identified. ‘Based on the data, management consider Snowy warrants further exploration for potential epithermal gold and copper porphyry systems,’ East Star adds. Porphyry assets typically only need open pit mining, instead of costlier methods. Porphyry copper assets may also include by-products of other metals.
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Severfield PLC, up 2.5% at 49.70 pence, 12-month range 39.80p-89.80p. The stock suffered a 44% drop last week, but as recovered a fraction of that so far on Monday. The structural steel maker on Tuesday reported a swing to half-year loss and cautioned on annual profit being below previous expectations as a ‘recovery in some sectors has been slower than expected’. The share price progress on Monday comes despite Peel Hunt cutting its recommendation a notch to ’add’ from ’buy’.
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SMALL-CAP - LOSERS
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Argo Blockchain PLC, down 23% at 6.25p, 12-month range 5.75p-36.00p. The cryptocurrency miner raises £4.2 million through a subscription of 76.9 million shares at 5.5 pence each. The subscription was by an unnamed ‘institution’. ‘The net proceeds from the subscription will support Argo’s strategic plans and working capital needs. These funds will help drive the potential relocation or sale of mining equipment currently at the Helios facility in Texas, while allowing the company to maintain its bitcoin mining operations in Quebec,’ Argo adds.
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