Wafer-thin gains for the AIM All Share on Monday but the upward trajectory continues to grind, with the index closing around half a point higher at 747.21, undeterred by losses on Wall Street.
- Celadon Pharmaceuticals +110%
- Blue Star Capital +62%
- Synergia Energy +29%
- Eagle Eye Solutions -42%
- Trellus Health -39%
Celadon Pharmaceuticals LON:CEL was the biggest riser on Monday, adding 110% following the publication of a funding update shortly after the close on Friday. Curiously this noted that the company had been unable to tap further capital so its future looked very shaky, but is this a management play to drive the company under? A hulking spread and limited available stock was also noted.
- AIM Market Roundup: Electric Guitar, GlobalData, IG Design
- AIM Market Roundup: Rome Resources, Celadon Pharmaceuticals, Churchill China
Blue Star Capital LON:BLU added 62% with the company finding further support in the latter part of the day to build on last week’s gains. This appears to be an ongoing rerate of the stock.
- AIM Market Roundup: Tungsten West, Blue Star Capital, Ariana Resources
- AIM Market Roundup: Sundae Bar, GCM Resources, Mirriad Ads
Synergia Energy [LON:SYN] gets the notable mention, up 29% on the day. That comes off the back of a drilling update noting a JV partner has now managed to source a rig to proceed with a project in India. The uptick however needs to be placed in the context of the mounting losses that were accrued over in recent months.
Eagle Eye Solutions LON:EYE was down 42% after publishing a US contract update this morning. A high margin £10m contract to a grocer has been lost and although the board is convinced this is a one-off that won’t meaningfully impact FY performance, investors clearly don’t share the upbeat assessment.
Trellus Health LON:TRLS was 39% lower on the day following the publication of final results which included news that the company currently has cash reserves which will last until October. Whilst commercialisation and cost-savings initiatives are in play, the risk is that a dilutive funding round may be looming.
