UK equities wobbled during the budget but the parting impression was a positive one – at least in the short term. It could have been worse and by 3pm the AIM All Share Index was trading almost a point higher at 742.91.
- Caledonian Holdings +25%
- Kropz +18%
- Ascent Resources +12%
- Versarien -35%
- Jersey Oil & Gas -26%
Caledonian Holdings [LON:CHP] topped the board, 25% higher at 3pm. The company this morning agreed to acquire struggling Aspire Commerce Group for just £1 in order to refinance and restructure the business.
Kropz LON:KRPZ was in second place, up 18%. This is however a thinly traded stock that carries a wide spread and today is no exception. It does however extend the gains posted on Monday off the back of a trading update.
Ascent Resources LON:AST gets the notable mention, up 12%. The company has entered into an exclusive option agreement with another company regarding sites in Utah. This provides up front payments to Ascent when the due diligence process is underway, and would also cover licensing and permit fees.
Versarien LON:VRS was the biggest faller, off 35% at copy time. The company provided an update on its restructuring process insofar as a potential acquirer of the business has withdrawn their support, raising fresh questions as to what will be left for shareholders.
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Jersey Oil & Gas LON:JOG was 26% lower on the day, with the budget failing to provide any tax breaks for the fossil fuels sector. That statement coincided with the timing of the sell off, reversing earlier gains and leading the stock to multi-month lows.
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