A surprise fall in UK inflation this morning was sufficient to see stocks nudge higher but is the optimism misplaced? Whilst this could result in more rate cut rhetoric, equally it could reflect the depth of economic uncertainty that is now embedded in the UK… At 1pm, the AIM All Share was up almost three points at 710.62.
- Fiinu +553%
- Catenai +38%
- Frontier Developments +25%
- Distil -29%
- Finseta -20%
Another day and another multi-bagger on AIM with fintech Fiinu LON:BANK posting stratospheric gains on Wednesday off the back of heads of terms being signed with a UK bank. This would see its flagship product deployed – subject to testing – later this year, with a BaaS (Banking as a service) integration yielding royalties towards the back end. The stock is up 553% but this is far from a done deal and still only puts Fiinu’s share price back to where it was 18 months ago.
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Catenai [LON:CTAI] was 38% higher just before 1pm, with yesterday’s news of both a working capital loan for the business and broader positive sentiment around the UK’s AI industry lending support here.
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Frontier Developments LON:FDEV was up 25% to take the notable mention, with a strong turn around having been reported in the company’s H1 results. The loss reported a year ago has been flipped into a profit whilst the cash balance is up by £10m, too. The board expressed confidence that full year objectives remained in reach.
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Distil LON:DIS was the biggest faller at mid-session, off 29% after a Q3 update. This highlighted a 59% fall in revenues YoY, with margins also being squeezed. Hard pressed consumers are fuelling a challenging market backdrop and there’s no real hope of a quick turn around here.
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Finseta [LON:FIN] issued a full year trading update this morning but despite some strong headline metrics and upward revisions to full year revenues, by 1pm the stock had sold off by 20%. There were however some elevated levels of interest noted last week which drove the share price out to multi-year highs.
