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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Senior PLC, up 5.3% at 127 pence, 12-month range 111.00p - 153.23p. The stock claws back lost ground from earlier this week. On Wednesday, the firm said its trading performance in the ten-months ended October 31 was in-line with expectations, and as a result the component and systems manufacturer left its full-year outlook unchanged. It noted revenue in the period rose 19% year-on-year on a constant currency basis, underpinned by ‘resilient core markets and a healthy order intake’. It said its order book is strong with a book-to-bill ratio of 1.28 in the ten-month period. It had also said that supply chain and inflationary challenges will continue into 2023 but added these are being ‘managed diligently’.
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SMALL-CAP - LOSERS
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MJ Gleeson PLC, down 7.3% at 346.75p, 12-month range 334.6p-808p. The housebuilder’s shares fall as it warns of rising cancellations, prompted by lower demand. Over the past six weeks, Gleeson Homes cancellation rates increased to 41%, from 20% in the first ten weeks of the year. ‘The market volatility and sharp increase in interest rates following the mini budget impacted buyer confidence and caused a significant slowdown in demand,’ the firm says. However, MJ Gleeson says it is ‘encouraged’ by Thursday’s autumn statement from the UK government, and it expects buyer confidence to recover as the volatile macro-economic backdrop calms down. It says the outlook for its current financial year will depend upon how quickly the housing market recovers.
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EnQuest PLC, down 5.5% at 23.87p, 12-month range 16.9p-37.35p. The energy stock receives two cuts to its target price overnight. JPMorgan cuts the target price to 45p from 47p, keeping the stock at an ’overweight’ rating. Barclays cuts the target price to 20p from 28p previously, with a rating of ’underweight’.
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