(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
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SMALL-CAP - WINNERS
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Norcros PLC, up 7.7% at 258.50 pence, 12-month range 238.00p-351.32p. Continues to trade "robustly". As a result, says underlying operating profit for the year ended March 31 to be at a record level and ahead of its previous expectations. Annual revenue guided to be about GBP396 million, up from GBP342.0 million in previous year. Chief Executive Nick Kelsall says: "Norcros has continued to build on last year's strong recovery from the unprecedented global disruption and uncertainty caused by the pandemic. It is particularly pleasing to see how well our businesses both in the UK and South Africa have continued to make strong progress notwithstanding the supply chain challenges and a period of exceptional cost inflation."
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SMALL-CAP - LOSERS
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Thungela Resources Ltd, down 8.8% at 1,248.18 pence, 12-month range 111.02p-1,401.72p. Does not expect a "material impact" on its performance even though the South African state-run logistics firm Transnet operates under force majeure. Transnet provides a crucial rail service for exporters like Thungela, transporting coal from fields in Mpumalanga to the privately held port Richards Bay Coal Terminal. The logistics parastatal is battling with ongoing legal matters related to the irregular locomotive acquisition, maintenance contracts, as well as the vandalism of the coal line. Coal exporters, including Thungela, are engaging actively with Transnet to clarify the contractual position and ensure the stability of coal deliveries to the RBCT in order to continue to take advantage of the current strong market demand for South African coal. With coal rail services and export sales continuing, Thungela said it did not envisage that this development will have a material impact on its 2022 operational outlook.
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By Paul McGowan; paulmcgowan@alliancenews.com
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Thungela Resources (TGA)
Norcros (NXR)