(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Stagecoach Group PLC, up 22% at 83.15 pence, 12-month range 32.28p-110.90p, giving it a market value of GBP446.76 million. Stagecoach, alongside FTSE 250-listed peer National Express, confirms they were in talks for a merger, in a deal that would combine two of the UK's largest transport providers. Under the proposed terms, Stagecoach investors would receive 0.36 of a National Express share for each Stagecoach share. It means National Express shareholders would own about 75% of the combined company. Based on Monday's closing prices, the deal represents an 18% premium for Stagecoach shareholders. National Express shares were up 9.7%, the best performer in the FTSE 250.
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SIG PLC, up 0.3% at 50.03p, 12-month range 21.50p-65.00p. The building materials provider expects to surpass its full-year guidance, while also praising its "Return to Growth" strategy for delivering a narrowed interim loss. In the six months ended June 30, the company's pretax loss narrows to GBP1.6 million, from a GBP125.4 million loss the year prior. Revenue rises 32% year-on-year to GBP1.11 billion from GBP840.1 million. Provided material and driver shortages do not worsen, the company says it expects to deliver full-year underlying operating profit ahead of prior expectations.
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SMALL-CAP - LOSERS
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Dignity PLC, down 3.5% at 717.00p, 12-month range 390.87p-969.00p. The funeral services provider posts a slip in interim revenue as it conducted fewer funerals and cremations in the period. Says revenue in the half-year to June 25 declines 4% to GBP189.0 million, though it swings to a pretax profit of GBP50.5 million from last year's GBP12.1 million loss. Operating profit, which excludes the remeasurement, falls to GBP40.8 million from GBP44.2 million. Dignity adds that it is not "contemplating dividends" at this time, instead continuing to work on plans to improve its capital structure.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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SIG (SHI)