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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Funding Circle Holdings PLC, up 4.3% at 106.00 pence, 12-month range 47.60p-149.00p. Announces a further new share buyback programme for up to £25 million, which is due to begin after its current programme completes. Its current buyback is expected to complete in May. The London-based lending platform has now repurchased around £47.6 million in shares, or 12.8% of its share capital, over two £25 million share buyback programmes during 2024 and up to Tuesday this week. Shares will be cancelled or held to satisfy awards under the company’s employee share schemes.
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EnQuest PLC, up 2.5% at 14.06 pence, 12-month range 9.95p-17.00p. Receives confirmation from the Ministry of Energy & Minerals of Indonesia that it has won its bids for two production sharing contract blocks in Papua Barat: Gaea and Gaea II. When executed, EnQuest will be designated as the production sharing contract operator, with a 40% working interest in the blocks, alongside the joint venture partners. The Tangguh joint venture also holds a 50% working interest, and is comprised of BP Exploration Indonesia Ltd, MI Berau BV, CNOOC Southeast Asia Ltd, ENEOS Xplora Inc, Indonesia Natural Gas Resources Muturi Inc and KG Wiriagar Petroleum Ltd. PT Agra Energi Indonesia holds the remaining 20% stake. These wins mark EnQuest’s entry into Indonesia, ‘a country that offers a broad range of growth opportunities that span the full upstream lifecycle,’ said the company. ‘This step further expands EnQuest’s South East Asian footprint, adding to the group’s growing momentum in the region, having recently secured an extension to its gas production in Malaysia and signing of an acquisition of Harbour Energy’s Vietnam business.’
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SMALL-CAP - LOSERS
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PensionBee Group PLC, down 2.6% at 152.96 pence, 12-month range 121.50p-191.00p. The London-based online pension provider is due to release its first-quarter results later on Wednesday. Its 2024 results release in mid-March detailed the firm’s ‘transformative’ year, as it narrowed its pretax loss to £3.1 million from £10.7 million in 2023 and swung to positive adjusted earnings before interest, tax, depreciation and amortisation for the year. When looking to 2025, PensionBee had touted the ‘considerable’ opportunities ahead, as it laid the foundations for long-term growth in the US and ‘continued to execute’ on its growth strategy in the UK.
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