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The performance of London’s AIM index has a distinctly rangebound feel to it right now, trending higher through the session but reaching the bell a mere 3 points ahead at 1197.56.

  • 88Energy up 42%
  • Echo Energy up 33%
  • Bion PLC down 31%
  • Touchstone Exploration down 29%
  • Aura Energy down 10%

88Energy [LON:88E] appears to be the gift that keeps on giving, with another well received operations update from the company pushing the share price out to highs not seen in almost seven years. The update included details of projections as to just how much oil the company’s Alaskan project may yield, sparking a positive response from shareholders as a result.

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Echo Energy [LON:ECHO] was reported some 33% ahead at the closing bell, although there does seem to be some volatility in play during the auction. Shares had been given a lift yesterday off the back of debt restructuring and the move here could amount to a rerating off the back of that. There’s no other specific news.

Bion [LON:BION] arrives at the bell as the day’s biggest faller, off some 31%. There are some mitigating factors to contend with here, as the stock closed with a quoted spread of 15% and trade in the £9m company was exceptionally thin, but may be one to watch for updates in the coming days.

Touchstone Exploration [LON:TXP] also struggled, finishing the day some 29% lower. This morning the company updated the market on two drilling projects and while neither appeared to be outright bad news, investors were perhaps looking for something a little more upbeat. Shares have advanced a long way over the last year, from 25p last April to around 175p last month, so whilst long term investors may be content, as the stock now sits below 100p, there may be some disquiet…

A notable mention for Aura Energy [LON:AURA] which caught my eye on the downside today, after being one of the best performers on both Monday and Tuesday. The stock finished almost 10% lower but after its stellar run of recent days, this really does just look like folk talking a little money off the table – on a small cap with a wide spread.

That’s us finished for the Easter break now – we’ll be back on Tuesday. Don’t forget, tomorrow is the last trading and banking day of the tax year.

Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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