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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Amigo Holdings PLC, up 19% at 7.8 pence, 12-month range 1.63p-30.3p. The guarantor loans provider says high court grants order that schemes of arrangement can proceed to a creditor vote. ‘The road ahead is not easy, but we are on the right track and today’s court decision is another step forward,’ says Chief Executive Gary Jennison. Creditors’ meeting to be held in May and, if they vote for the scheme, the court sanction hearing is expected to be held later that month. Scheme is being proposed to settle claims following probes from UK regulators into mis-sold loans and the way that Amigo dealt with customer complaints.
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SMALL-CAP - LOSERS
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Aptitude Software Group PLC, down 23% at 307.00p, 12-month range 304.76p-738p. Decides to further increase investment in product strategy in 2022 and 2023, though warns this is expected to ‘dampen short term profitability’. ‘The board believes this accelerated strategic investment will create longer term sustainable value for the group and our shareholders,’ it says. Expects improving margins from 2024 and beyond. This comes alongside annual results for 2021, in which revenue rises 3% to £59.3 million but pretax profit falls to £6.2 million from £8.1 million in 2020.
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Raven Property Group Ltd, down 14% at 5.00p, 12-month range 5.00p-36.9p. Index provider FTSE Russell late Monday says a number of Russia-linked companies will be deleted from the FTSE Russell indices due to insufficient liquidity, amid sanctions against Russia. The companies include steel maker and miner Evraz PLC, precious metals miner Polymetal International PLC, gold miner Petropavlovsk PLC, and commercial real-estate investment company Raven Property Group. Polymetal and Petropavlovsk shares were both down 19% on Tuesday. Trading in Evraz shares has been suspended since late last week, after UK sanctions were applied to 29% shareholder Roman Abramovich.
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JPMorgan China Growth & Income PLC, down 8.9% at 303.8p, 12-month range 299p-730p. The greater China-focused investor tracks Chinese equity market rout as traders monitor spiralling Covid situation. China reported 5,280 new Covid-19 cases on Tuesday, more than double the previous day’s tally, as the highly transmissible Omicron variant spreads across a country that has tethered tightly to a ‘zero-Covid’ strategy. Shenzhen – the southern tech hub of 17.5 million people – is three days into a lockdown. SSE Composite Index in Shanghai falls 5.0% on Tuesday and Hang Seng tumbles 5.7%.
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