Love for UK smaller cap stocks has been in short supply today with the AIM All Share slumping and notably underperforming other peers both at home and overseas. The junior index reached the bell more than six points lower at 748.43.
- TPXImpact +42%
- Petards Group +33%
- RC Fornax +20%
- Pantheon Resources -21%
- Oxford Biodynamics -17%
TPXImpact LON:TPX was the biggest riser, up 42% on the day. That coincides with a news of options being exercised which took the holdings of the CEO to 1.14% of the business. Volumes were notably elevated and the spread is fairly wide, so sustaining the gains could be challenging, although that management conviction does help.
Petards Group LON:PEG was in second place up 33% after the company announced a new contract win worth £2.2m. Volumes were materially higher than normal although that was spread across a minited number of trades.
RC Fornax [LON:RCFX] takes the notable mention, up 20% off the back of a trading update. A strong start to the trading year has been recorded with the order book sitting some 70% higher year on year. The company appears to be benefitting from the recent strategic defence review.
Pantheon Resources LON:PANR is off earlier lows but remains under pressure after a business update this morning revealed a cost overrun on a drilling project in Alaska. The direction of travel does however seem to be encouraging here and as management pointed out, inflationary pressures need to be taken into account, too.
Oxford Biodynamics LON:OBD was 17% lower. There’s no news out but losses were accrued in early trade and volumes were elevated, too. The company is exposed to prostate screening which has been the subject of some debate in the UK in recent days but whether that’s sufficient to pin the loss on remains to be seen.
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