We have seen some decent gains posted for the AIM All Share, with the market outperforming the main board in an admittedly mixed market. Energy stocks do seem to be lending support. At 3pm, the index was up around three points at 798.48.
- Tower Resources +24%
- Bezant Resources +22%
- Reabold Resources +18%
- First Development Resources -54%
- Future Metals -31%
Tower Resources LON:TRP was leading the pack at our 3pm copy time, trading 24% higher. There’s no news here but a drilling update late last week does seem to be gaining traction.
- AIM Market Roundup: Pri0r1ty Internet, Tower Resources, Premier African
- AIM Market Roundup: Future Metals, Tower Resources, Distil
Bezant Resources LON:BZT was 22% higher, although that’s barely outside the quoted spread. The stock has however been finding support since the start of the month following the publication of interims.
- AIM Market Roundup: Sabien, Gunsynd, Bezant Resources
- AIM Market Roundup: Bezant Resources, Versarien, ITM Power
Reabold Resources [LON:REA] was 18% higher, taking the notable mention off the back of the announcement of an up to EUR16m earn-out agreement, taking the Colle Santo project to the next phase.
First Development Resources [LON:FDR] was the biggest faller, off 54% after a drilling update rattled investor sentiment. Deteriorating downhole conditions were cited, leading to the abandonment of the project and whilst this may have expanded the company’s understanding of the site, the market is finding little cause for cheer.
Future Metals [LON:FME] was 31% lower and that’s off the back of news that the company intends to cancel its AIM listing. This is due to occur in early November, with the company citing a number of reasons but ultimately they will focus on maintaining the ASX listing.
