The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
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SMALL-CAP - WINNERS
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City of London Investment Group PLC, up 2.1% at 459p, 12-month range 319p-528p. The investor in London-listed equities says funds under management at January 31 rise to $9.8 billion, compared to $9.2 billion at the beginning of July. This is despite ‘challenging’ environment and ‘choppy markets’. Maintains interim dividend of 11p. However, pretax profit for the six months to December 31 fell around 30% to £9.5 million from the year before.
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SMALL-CAP - LOSERS
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Petrofac Ltd, down 3.4% at 78.7p, 12-month range 62.7p-161.2p. Barclays cuts the target price of the energy services company’s stock to 110p from 200p previously. Maintains its ’buy’ recommendation, however.
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EnQuest PLC, down 2.4% at 18.17p, 12-month range 18.06p-37.35p. JPMorgan cuts the target price for the stock of the oil and gas producer with operations in the UK and Malaysia to 35p from 38p. Last week, Enquest warned operating expenses are likely to have increased faster than output during 2022. Enquest expects to report operating expenditure of around $400 million, increased by 25% from $321.0 million in 2021. Average production in 2022 was 47,259 barrels of oil equivalent per day, up 6.4% from 44,415 in 2021.
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