SMALL-CAP WINNERS & LOSERS: Tullow shares tank amid refinancing talks

Fri, 21st Nov 2025 10:57

(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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JPMorgan Emerging Europe, Middle East & Africa Securities PLC, up 18% at 252.31 pence, 12-month range 155.00p-310.00p. Hope of a Ukraine-Russia peace deal lifts the stock. The firm invests in the Middle East, Africa and "emerging Europe", including Russia. A Donald Trump-backed plan to end the war is "good" for both sides, the White House said, according to an AFP report on Thursday. The US plan would require Ukraine to cede land to Russia and would limit the size of Kyiv's military, according to a draft obtained by the Associated Press. Ferrexpo PLC, an iron ore pellet producer in Ukraine, traded 8.4% higher.

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SMALL-CAP - LOSERS

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Tullow Oil PLC, down 32% at 5.83p, 12-month range 5.50p-27.98p. The stock sets this 12 month low on Friday. The oil and gas producer in Ghana and the Ivory Coast says it is engaging "with bondholders, commodity traders and other private sources" on refinancing its capital structure, including ahead of a bond maturing in May 2026". Given market risks and operational performance, Tullow said it is also exploring "alternative options" with creditors, including amend-and-extend measures and liability management exercises. Panmure Liberum analysts say the firm is in "dire straits with a declining asset base and a mountain of debt".

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Asos PLC, down 7.2% at 229.20p, 12-month range 217.50p-456.20p. Asos also hits a 52-week low. The London-based online fashion retailer says its pretax loss slims to GBP281.6 million in the financial year ended August 31 from GBP379.3 million the year prior. Reported revenue, however, declines 15% to GBP2.48 billion from GBP2.91 billion.

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By Eric Cunha, Alliance News news editor

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