Wednesday saw another day of modest gains for the AIM all share being chalked up, with the junior index adding almost two points to close at 781.45. However with Wall Street looking vulnerable off the back of mixed economic data, sustaining the upward momentum could be difficult – and that’s before we consider the geopolitical outlook.
- Galantas Gold +173%
- Alba Mineral Resources +27%
- Savannah Energy +14%
- Genip -29%
- MobilityOne -28%
Galantas Gold [LON:GAL] has comprehensively outperformed on Wednesday adding 173% with the market giving resounding support to news of an acquisition of a mining project in Chile. The cash and equity deal is clearly seen as good value and with geopolitical uncertainty running high, gold prices are likely to continue finding support for some time yet.
Alba Mineral Resources LON:ALBA was 27% higher. There’s no news out but the company does have meaningful exposure to rare earths projects in Greenland and given the current US posturing over the autonomous territory, there’s speculation buyers from across the pond may be wading in. Volumes were sharply elevated.
Savannah Energy LON:SAVE was 14% up to take the notable mention. Volumes were unremarkable but gains were seen late in the session, coinciding with the publication of a stake building disclosure.
Genip [LON:GNIP] was the biggest faller, off 29%. That reverses yesterday’s gains which appeared to have come off the back of unsubstantiated rumours.
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MobilityOne LON:MBO was also on the back foot, finally giving back some of the gains following the meteoric run higher. News of an Islamic banking license appeared to be acting as a catalyst but management were keen to stress that the financial impact would be some way off. Regardless, the stock still trades at 10x levels from late last year.
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