(Alliance News) - 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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French Connection Group PLC, up 18% at 28.2 pence, 12-month range 5.74p-32.11p. Agrees takeover bid by a consortium that includes its second-largest shareholder, seven months after the fashion brand put itself up for sale, with Founder & Chair Stephen Marks announcing he will step down once the deal concludes. French Connection has recommended a bid from MIP Holdings Ltd that values it at GBP29 million. The 30 pence per share offer is a 92% premium to French Connection's share price on February 4, before it entered an offer period.
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Renewi PLC, up 9.9% at 657.00p, 12-month range 203.5p-668p. The waste-to-product firm says it performed "strongly" in first half, with increased volumes, better prices and cost management helping to support better-than-expected trading. Like-for-like revenue in first five months more than 10% above a year ago and up 7% on pre-pandemic levels. "The strong performance in the first half and positive trading outlook have led the board to materially increase its expectations for the full year ending 31 March 2022. Longer term, the transition to increased recycling will continue to support our business model," it says.
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SMALL-CAP - LOSERS
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JPMorgan China Growth & Income PLC, down 2.8% at 495.82p, 12-month change 487.8p-875.98p. The investor, focused on mainland China, Taiwan and Hong Kong, slips as markets in Hong Kong tank on Monday amid more Evergrande worries. The embattled property titan suspended trading in its shares in Hong Kong on Monday pending an announcement on a "major transaction", as the firm struggles in a sea of debt and faces a default. Officials at the firm have been struggling to deal with a crisis that has left it more than USD300 billion in debt, fuelling fears of a contagion for the wider Chinese economy that some warn could spread globally.
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By Lucy Heming;Â lucyheming@alliancenews.com
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