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(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
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SMALL-CAP - WINNERS
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Prairie Mining Ltd, up 13% at 18.0 pence, 12-month range 10p-22p. Enters earn-in agreement with Greenfields Exploration Ltd to buy up to 80% interest in the Arctic Rift Copper project, Greenland. Prairie will earn the interest by spending AUD3.5 million on the project within three years to earn a 51% stake, a further AUD3.5 million within four years for a further 19% interest - taking total to 70% - and then another AUD3.0 million within five years to take the total interest to 80%. "The ARC project marks Prairie's first move into the energy metals space," says Chief Executive Ben Stoikovich.
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Foresight Group Holdings Ltd, up 5.7% at 438.75p, 12-month range 346.6p-473.01p. The infrastructure and private equity investment manager says assets under management estimated at GBP8.1 billion and funds under management at GBP6.0 billion at end of September, equating to annualised growth rate of 25% and 34% respectively in the half-year period. "We have experienced substantial growth in FUM as a result of strong retail net inflows plus further institutional fund closes and together with the near-term pipeline of new fund launches and deployment, this gives the board confidence in achieving the group's full year FY2022 targets," says Executive Chair Bernard Fairman.
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Lookers PLC, up 4.2% at 63.23p, 12-month range 22p-75.61p. Guides to full-year underlying pretax profit "materially ahead" of its previous forecasts. "Trading in Q3 remained strong and above the board's expectations driven by new vehicle market outperformance, excellent new and used vehicle margins and continued tight cost and working capital control," the motor retail and aftersales service company says. The chip shortage continues to put pressure on the supply and availability of new vehicles, leading to robust used vehicle demand as a result. While like-for-like used vehicle sales were down 17% in the quarter against strong year-ago comparatives, this was more than offset by "unprecedented margin retention".
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SMALL-CAP - LOSERS
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On The Beach, down 5.4% at 362.70p, 12-month range 200.5p-517p. Davy starts the online beach holidays retailer with a Neutral rating, price target 350p. "One could be a buyer of this wonderful business, but On The Beach Group is subject to profound uncertainties over a raft of very material external factors, all of which are out of its control," the Irish stockbroker says.
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By Lucy Heming;Â lucyheming@alliancenews.com
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