THE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC (Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
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SMALL-CAP - WINNERS
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Scottish Oriental Smaller Cos Trust PLC, up 2.7% at 1,173.30p, 12-month range 997.95p-1,228.93p. The China-focused investor rises as China continues to ease its strict zero-Covid measures. The National Health Commission issued relaxed anti-pandemic regulations on Wednesday, including a loosening of lockdowns and the elimination of a requirement for a recent negative Covid-19 test to be shown to enter most public places.
The positive developments also lift other Asia-focused investors, as JPMorgan Asia Growth & Income PLC rises 2.0% and Abrdn China Investment Co Ltd is up 2.4%.
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Foxtons PLC, up 2.9% at 31.15p, 12-month range 27.05p-47.8p. The London estate agency rises as new data shows demand for homes in the UK rental sector is continuing to rise, as home buyer activity drops off. According to findings from the Royal Institution of Chartered Surveyors, the rise in demand contributing to an upward pressure on rental prices, at a time when house prices have been falling month-on-month. Foxtons has recently been building up the lettings side of its business.
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SMALL-CAP - LOSERS
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On The Beach, down 12% at 109.9p, 12-month range 88.8p-316.5p. The holiday operator says Chief Executive Officer & Founder Simon Cooper will step down within the next 12 months, and Chief Financial Officer Shaun Morton will step up to fill the role. "Looking ahead, the visibility of the UK outbound travel industry remains unclear given the tough macroeconomic environment," OTB says. However, the firm says it is confident in its outlook, and has started its financial year with a healthy forward order book. In the year to September 30, revenue rises to GBP144.1 million from GBP21.2 million, and also was up 3% from financial 2019, pretax profit was GBP2.1 million, swinging from a loss of GBP36.7 million.
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By Elizabeth Winter, senior markets reporter
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