(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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French Connection Group, up 79% at 28 pence, 12-month range 3.0p-30.0p. The struggling fashion chain says it has received two separate takeover approaches. French Connection, responding to recent share price movement, noted the approaches have been from Spotlight Brands in conjunction with Gordon Brothers International and from Go Global Retail in conjunction with HMJ International Services.
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Metro Bank, up 5.0% at 140.67p, 12-month range 57.23p-226.40p. The challenger bank's shares were higher as part of a broader rise in the UK banking sector. On Thursday, the Bank of England told financial services firms to start preparing for negative interest rates, giving domestic lenders six months to prepare, but also said such a move isn't imminent. "The bank doesn't seem likely to introduce negative rates in the near-term, hence the jump in the pound. Andrew Bailey, the BoE boss, doesn't want to rule out the policy but at the same time, it is only if the situation deteriorates, would the bank contemplate such a move," says CMC Markets analyst David Madden. "British banks stand a better chance of increasing their lending margins if the BoE doesn't apply negative rates." Bigger peers Lloyds, NatWest and Barclays were among the best performers in the FTSE 100, up 2.8%, 2.0% and 1.7% respectively.
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Sportech, up 3.1% at 28.88p, 12-month range 10.03p-32.9p. The betting technology business says it expects 2020 earnings to be in line with board expectations. Sportech notes it continues to drive operational efficiencies through all its business lines and expects adjusted earnings before interest, tax, depreciation and amortisation in line with internal expectations for 2020.
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SMALL-CAP - LOSERS
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South32, down 3.2% at 148.34p, 12-month range 80.04p-155.14p. The miner notes an assessment report from the New South Wales Independent Planning Commission has been released recommending against approval of the Dendrobium Next Domain project at its Illawarra metallurgical coal operations in Australia. South32 was seeking planning approval to extend the life of the mine until the end of 2048 and extract an additional 78 million tonnes of run-of-mine coal from two new areas near Avon and Coredaux Dams. However, in its report the Commission highlighted significant concerns over the proposed mine design, including its significant risk of "long-term and irreversible damage to Greater Sydney and Illawarra's drinking water catchment".
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Warehouse REIT, down 1.8% at 123.98p, 12-month range 69p-127.14p. The warehouse property investor says it plans to raise up to GBP45.9 million through the issue of up to 37.9 million shares at 121.0 pence each. Warehouse REIT notes the new cash will be used to fund the GBP13.9 million purchase of two distribution warehouses in Harlow
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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