London’s AIM index has started the week on a down note once again, shedding eight and a half points by the closing bell to finish at 1221.30.
- 88Energy up 23%
- Petroneft Resources up 14%
- MediaZest down 20%
- Avacta down 16%
- Ilika Plc down 15%
88Energy [LON:88E] was the day’s biggest riser, tacking on 23% after the company announced the sale of tax credits for over $18m, which would otherwise have taken up to five years to be paid out by the Alaskan state. This money has been used to completely pay down the company’s debt and has added a further $2.6m to its cash reserves as a result. The removal of the debt also takes away an interest burden of around $1m per year.
Petroneft Resources [LON:PTR] also fared well, adding 14% by the close. There’s no news out to support the move higher, although the company is strategically placed in Russia and with the country facing its own oil shortage amidst concerns that the attempted shift to green energy is taking place too quickly, this could be lending some support. Interest in the stock certainly seemed to be elevated.
Mediazest LON:MDZ was the day’s biggest faller, off some 20% at the bell. The stock saw a huge level of interest on Friday following news of a project completion, but today has seen these gains reversed. The £1m market cap company sits on a 6% spread.
Avacta Group LON:AVCT was also left languishing today, having dropped back some 16% despite news of a distribution agreement for its COVID antigen lateral flow test. Seemingly the market expected more – will those with a more patient outlook be rewarded?
A notable mention for Ilika LON:IKA, the solid state battery producers, who published full year results this morning. There was little to cheer in there unfortunately and investors were quick to show their displeasure with the stock slipping 15% by the bell. Some renewed buying interest was however seen in the closing auction, significantly improving the overall position here.
