AIM round-up: Abingdon Health, Powerhouse Energy, Corcel

17th May 2022
Tony Cross
AIM Round-up
Abingdon Health, Powerhouse Energy, Vast Resources

London’s AIM Index managed to find some modest gains during Tuesday’s session, reaching the bell just under five points ahead at 960.17.

Abingdon Health +21%
Powerhouse Energy +20%
Corcel +14%
Kinovo -23%
Vast Resources -12%

Abingdon Health [LON:ABDX] found itself at the top of the board on Tuesday advancing 21%. The company this morning issued an update noting that it had signed a significant contract with a European customer for the production of LFT kits. Management added that Abingdon continues to make commercial progress in other areas and will update the market in due course.

Powerhouse Energy [LON:PHE] also fared well, adding 20% in thin trade and with a wide spread being quoted. Shares tested two year lows at the end of last week and despite some swirling rumours, it appears that this has simply been a trigger for bargain hunters to try and step in.

A notable mention for Corcel [LON:CRCL], which advanced 14% today off the back of mining results from its nickel/cobalt project in Papua New Guinea. This is however a microcap company and trade flow has been significantly constrained. With the spread exceeding the day’s gains, there’s not much to see here.

Kinovo [LON:KINO] was the day’s worst performer, shedding 23%. Last night, the company advised that a subsidiary had been placed into administration, but the losses need to be put in the context of the small market cap and wide spread being quoted at the close.

Vast Resources [LON:VAST] also struggled today, shedding 12% although after a series of bumper gains, the stock arguably had scope to see some profits being booked.

Related
AIM round-up: Vast Resources, Provexis, Clontarf Energy (5 days ago)
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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 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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