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(Alliance News) - 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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Sabre Insurance PLC, up 7.7% at 217.00 pence, 12-month range 173.20p-276.00p. The motor insurance underwriter signs a five-year agreement with Freeway Insurance Services, an distributor of taxi insurance in the UK, to become the exclusive underwriter for policies issued by Freeway's managing general agent. Sabre expect that the agreement with Freeway will generate an additional annual gross written premium of GBP20 million, generating an additional GBP2 million to GBP4 million of additional annual profit on a fully-earned basis. The agreement comes into effect on March 1.
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Renewi PLC, up 1.5% at 667.00p, 12-month range 377.50p-855.00p. The waste management company says trading in third quarter to December 31 continued to be very strong, driven by continuing high recyclate prices. Renewi remains confident that recyclate prices will continue to be robust in the fourth quarter. As such, raises guidance for underling earnings before interest and tax for year ending March 31, to at least EUR120 million. It posted underlying Ebit of EUR73 million in financial 2021.
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SMALL-CAP - LOSERS
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AO World PLC, down 7.1% at 99.45p, 12-month range 86.00p-347.00p. JPMorgan trimmed its price target on online electric retailer to 105p from 125p and reiterated its Neutral rating. AO on Thursday launched a strategic review of its business in Germany, citing tough market conditions that saw third-quarter revenue decline.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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