London’s AIM Index started the day with some early gains and unlike the main market, managed to hold onto this upside throughout the session, closing almost eight points higher at 1199.34.
- 88 Energy up 59%
- Tiger Royalties up 55%
- Premier African up 28%
- Plutus Powergen down 19%
- Ridgecrest down 14%
88 Energy [LON:88E] soared to close 59% higher during Monday’s session, although had been significantly above this mid-session. Although there’s no firm news driving the move, an operational update last week did provide an update on drilling in Alaska. Further news would be expected here within the next week, so this move could be explained as speculative anticipation of this being confirmed.
Micro-cap Tiger Royalties [LON:TIR] added 55% in a notably brisk day of trade, although there’s no news out from the company and a quick hunt around showed nothing of note from portfolio holdings, either.
A notable mention for Premier African [LON:PREM], which tacked on 28% today. The stock jumped on an update over prospecting news on Friday, but retreated before the weekend break. Today’s gains extend the stock’s position to levels not seen since the end of 2017, with the share approaching 10x gains over the month.
Plutus Powergen [LON:PPG] was the day’s worst performer, losing 19% but this is a £2m market cap minnow which closed on a spread of around 15%. This also does little more than reverse Friday’s rally – appears there’s nothing to see here.
£11m market cap Ridgecrest [LON:RDGC] also had a tough day, coming in as the second biggest faller, off by 14% at the close. There’s again nothing to see here, although on Friday a notification of a major shareholder dropping below the 3% notification threshold may have offered some cause for caution after last week’s run higher.