London’s AIM All Share had made some progress by copy time on Thursday and whilst gains continue to be modest, the junior index, up around half a point to 758.2 by 2pm was outperforming an equally subdued main board.
- Bezant Resources +28%
- Versarien +22%
- ITM Power +9%
- EnergyPathways -50%
- Oracle Power -23%
Bezant Resources LON:BZT topped the board, adding 28% by the time of writing after the publication of news that it had entered into a conditional agreement to acquire 90% of a processing plant. The deal is seen as pivotal in terms of further developing the potential of local resources.
Versarien LON:VRS was 22% higher on the day, but price action is choppy and the stock remains very much in play following the warning over funding which we covered at the start of the week.
ITM Power LON:ITM gets the notable mention. We’re looking further down the board than normal here but we know this is a popular stock amongst readers and full year results out this morning evidently offered some cause for cheer. Revenue was up 50% YoY, a number that fell within the upgraded guidance range, there’s a record order backlog and the cash position is better than had been predicted. Shares were up 9% at 2pm.
EnergyPathways [LON:EPP] was the biggest faller, off 50% after the company issued an update on the MESH project. That saw the company relay that the North Sea Transit Authority had deemed the company’s proposals for a natural gas storage mechanism not to be appropriate and whilst this doesn’t impact other aspects of the business, investors have been quick to mark down the stock.
Oracle Power LON:ORCP was 23% lower following news of a funding round. The company has raised £500k at a 20% discount, with the funds being used to support ongoing project development in Australia and Pakistan, as well as for general working capital purposes.
