Many global equity markets appear to have been rattled on Wednesday morning as a result of lacklustre US earnings and anticipation over the risk of any undershot from Nvidia tonight popping the AI bubble, but the AIM All Share is bucking the trend. At 1.30pm, the junior index was trading more than six points higher at 740.33.
- Provexis +22%
- Geo Exploration +20%
- Sabien Technology +18%
- Bigblu Broadband -68%
- Empyrean Energy -38%
Provexis LON:PXS was 22% higher by our early copy time on Wednesday. There’s no news here and trade is looking particularly thin, but this does help reverse some of the losses seen in recent months following the brief suspension of shares. The wide spread and the limited deal flow do however make this one that’s difficult to draw a conclusion on.
Geo Exploration [LON:GEO] was in second place, up 20% by early afternoon. Again there’s no formal news but a drilling update from just over three weeks ago promised assay results this quarter. Could there be some anticipation building as to what these may hold?
Sabien Technology LON:SNT added 18% to take the notable mention, following a proposed strategic agreement with Korea’s City Oil Field. This progresses a previously executed MOU which would bind the two parties into joint enterprise. The financials on the deal would take COF’s holding in Sabien to more than 15%.
Bigblu Broadband LON:BBB was the biggest faller on the day, with shares down 68% following the company’s announcement that it was working the numbers on the 2023 disposal of Skymesh, which could result in no deferred consideration being payable or may even present a cash liability to Bigblu. Adding to this, the company also advised that it was holding a general meeting to seek shareholder approval to delist from AIM.
Empyrean Energy LON:EME was in second to last place at copy time, off 38%, extending recent losses as the stand-off regarding the Mako gas field continues. This is clearly a complicated situation and one that has the potential to persist for some time yet as various parties work through the dispute process. Looking at last week’s notes on the situation, a favourable resolution for Empyrean could deliver material upside.
Comments (0)