- ADM Energy +31%
- Helium One +28%
- Rosslyn Data -13%
- Borders & Southern Petroleum -13%
- Online Blockchain +9%
ADM Energy LON:ADME topped the board on Thursday, advancing 31% by the close. The underlying sentiment here appears to be broadly negative with trading conditions in West Africa remaining difficult, but with shares having been trading at all time lows until earlier in the week, there could be a degree of short covering in play here.
Helium One LON:HE1 also fared well, rising 28% on the day although there’s no news at all out to support the gains. Volumes traded were significantly elevated on Thursday, making for one of the busiest days in more than four months, but the obvious question to ask is whether gains can be sustained.
A notable mention for Online Blockchain LON:OBC whose shares added 9%. The rebound in crypto pries appears to be helping lift the stock off multi-month lows but there’s no news beyond this.
At the foot of the board, Rosslyn Data LON:RDT was the worst performer, sliding 13% in the wake of a trading statement. This included a downward revision to revenue estimates, with the company struggling to win new contracts as a result of the pandemic. There is however a belief that the significant opportunities are available to drive future growth but clearly that isn’t resonating with investors right now.
Borders & Southern LON:BOR also struggled, falling 13% on the day. Again no news here but patience amongst investors could now be wearing thin, with the shares having failed to make any progress for the last few months and suggestions that cash – last reported on 30th June at just $1.35m – could be starting to run thin.