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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Nuformix PLC, up 16% at 1.17 pence, 12-month range 0.96p-3.63p. The pharmaceutical development company says partner Oxilio Ltd has signed a significant service contract with Quotient Sciences Ltd to support the formulation development of its cancer drug NXP001. ‘This arrangement is allowing Oxilio to progress NXP001 without cost to the company whilst we focus on progressing our two lead assets, NXP002 and NXP004,’ Chair Alastair Riddell says.
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Riverstone Energy Ltd, up 5.3% at 532.70p, 12-month range 2.53p-538.00p. Shares in investor in energy companies hit 12-month high as it says it will sell its entire stake in Pipestone Energy Corp for C$53.0 million, about £30.8 million. Riverstone says it will use the proceeds as part of its plan to recommence its share buyback programme. Riverstone said it decided to allocate an additional £46 million to the £40 million programme launched last May. It already has repurchased 7.7 million shares at a total cost of £36 million.
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Avon Protection PLC, up 4.7% at 1,154.80p, 12-month range 860.00p-3,660.00p. The personal protection company wins a contract with a maximum value of $204 million over five years to supply helmets to the US Defence Logistics Agency. Says that initial revenue from the contract expected in its 2024 financial year, following completion of first article testing in 2023. Avon Protection’s financial year ends September 30.
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Rainbow Rare Earths Ltd, up 3.7% at 17.37p, 12-month range 0.11p-17.50p. The rare earth element miner receives positive results from a test work programme at its Phalaborwa rare-earth minerals project in South Africa. Says results to date have provided it with additional optimisation opportunities to explore, which can reduce both operating and capital costs for the project. The next phase of the test work programme is now underway, which includes a number of trade-off and project optimisation studies, Rainbow says.
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