(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
----------
SMALL-CAP - WINNERS
----------
XP Power Ltd, up 24% at 1,280.00 pence, 12-month range 682.40p-2,750.00p. The company says it has raised some GBP45 million to reduce net debt, improve its liquidity position, refinance capital investments and continue to invest in key areas. It raised GBP43.9 million in a placing at 1,150p per share, an 11% premium to its Friday closing price. It secured a further GBP1.5 million through a retail offer.
----------
Sabre Insurance Group PLC, up 4.7% at 147.80p, 12-month range 83.40p-168.00p. The company rises in a positive read across after insurance peer Direct Line Insurance Group PLC said third-quarter trading in its Motor arm benefitted from "pricing actions" and it believes it is "writing profitably". Sabre Insurance provides motor insurance through its Go Girl, Insure 2 Drive and Drive Smart brands. Direct Line was up 3.8%.
----------
SMALL-CAP - LOSERS
----------
Metro Bank Holdings PLC, down 3.5% at 41.08p, 12-month range 34.00p-157.80p. The stock returns some of its 4.8% gain on Monday despite a largely upbeat third-quarter trading statement. The lender says deposit outflow rates have normalised since it announced a funding package. They had increased over fears of Metro Bank's financial health prior to the capital package. "The third quarter delivered continued momentum in personal and business current account growth and customer acquisition as well as a modest statutory profit after tax," it says. Metro Bank in October announced a new deal with investors to shore up its finances. The deal included a GBP325 million capital raise and GBP600 million in debt refinancing. In early October, the Financial Times said Metro Bank was seeking to raise up to GBP600 million to shore up its finances. It led to a sell-off in the stock, hitting the 52-week low on October 5.
----------
By Eric Cunha, Alliance News news editor
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Sabre Insur (SBRE)
Xp Power (XPP)
Direct Line (DLG)
Metro Bank (MTRO)