The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
----------
SMALL-CAP - WINNERS
----------
Pharos Energy PLC, up 7.1% at 22.6 pence, 12-month range 18.7p-26.8p. The London-based energy company with assets in Vietnam and Egypt says the Vietnamese government has formally granted its application for five-year licence extensions on the TGT and CNV fields, Pharos’ two producing assets in Vietnam, to the Hoang Lond and Hoan Vu joint operating companies respectively. Says the JOCs will now formally approve and start supplementary documentation to finalise the extensions. This extends the TGT licence to December 7, 2031, and the CNV licence to December 15, 2032.
----------
Headlam Group PLC, up 6.1% at 139.5p, 12-month range 125p-225p. The Birmingham-based floor coverings specialist says it has sold multiple properties for a total of £53.9 million, representing a 64% premium to the cumulative book value of £32.9 million and 14% to the last cumulative market valuation of £47.1 million. Says the ‘substantial profit’ on the sales will be recognised as non-underlying income. Sales formed two transactions: the sale of three properties in Ipswich, Gildersome and Leeds for £50.9 million aggregate to a single buyer, and the sale of an Uddington property for £3.1 million - higher than its latest valuation of £2.3 million. Also, Headlam announces that Chair Keith Edelman plans to step down and not seek re-election as a director at the annual general meeting in May. He ‘will support a managed transition to his successor’. Company names Edelman’s succcessor as Stephen Bird, who recently stepped down from the role of chief executive of Videndum PLC.
----------
SMALL-CAP - LOSERS
----------
Petra Diamonds Ltd, down 7.8% at 26.75p, 12-month range 25.2p-70p. The South Africa and Tanzania-focused diamond miner says sales for financial 2025 to date total $146 million for 1.3 million carats, down from $188 million the prior year for 1.7 million carats. Adds that average price of diamonds has decreased to $112 per carat from $113. The average price increased to $121 per carat from the Cullinan mine; decreased to $78 per carat from the Finsch mine; and decreased to $170 from the Willamson. Petra has lowered its pricing forecasts for the full year, expecting diamonds from Cullinan to cost between $120 and $130, down from between $125 and $135. Finsch diamonds are forecast to cost between $80 and $90, down from $98 to $105. Williamson diamonds should cost between $170 and $200, down from at least $200 and up to $225.
----------
Copyright 2024 Alliance News Ltd. All Rights Reserved.
