LAFDI market report - Friday 18th December

* Returns are calculated for the week to local market close on Thursday. Please note that this weeks report shows prices to the close on Wednesday, not Thursday. 

The LAFDI continued to give back some its recent relative gains suffering a turbulent week.  Interestingly whilst there were many significantly sized moves concrete newsflow is extremely thin on the ground. 

Tungsten Corporation PLC delivered an impressive move after many weeks of declines.  The company announced interim results as well as the news that it plans to dispose of its bank.  The company explained that due to regulatory cost the effective price of the retail deposits made available by the banking license made the strategy impossible to justify.  In fact they suggest that a disposal, as well as bringing in £30m of cash, will result in a net reduction in run-rate costs of £2 million per annum.  The supply chain finance company reported revenues up 28% and a reduction in the size of EBITDA losses to £9.5m. E-invoicing volume by value rose 14% to £55.9 billion. 

Whilst there has been almost no news since the company reported full year numbers on 29^th September Earthport PLC was a notable decliner this week.  In fact the shares have been consistently weak since then.  The international payments network provider has been signing up new customers at an impressive rate however the group remains loss making. 

Credit Acceptance Corp was another weak name this week.  Whilst news this week is limited there was a very negative piece written by seeking alpha on the 9^th December. 

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