Risk appetite continues to improve almost across the board, with the AIM All Share refusing to be left out of the party. Resurgent M&A hopes plus rising confidence that the Fed will cut rates next month helped contribute to the support and the index added just under three points on the day to finish at 675.74.
- Versarien +54%
- Tomco +50%
- Ethernity Networks +44%
- Enteq -30%
- Artemis Resources -27%
Versarien LON:VRS was the biggest riser, up 54% after news that all AGM resolutions had been passed. Volumes looked meaningfully elevated and the spread is wide so sustaining the gain tomorrow may be challenging but the shares have now recouped the losses of the last few months.
- AIM Market Roundup: Tungsten West, Savannah Energy, Team Internet Group
- Three Quick Facts: Tullow, Chapel Down, Versarien
Tomco LON:TOM was 50% higher. There is no news out to justify the gain although the rally does recover a fair proportion of the losses accrued in recent weeks.
Ethernity Networks LON:ENET added 44% on the day and whilst there was a news release out, this related to an administrative change to the date of the EGM, which is now slated for tomorrow. There’s no news beyond this but last week’s pivot which resulted in dramatic gains proved unsustainable, despite the enthusiastic response seen. The spread was wide but has last week’s vol simply cleared out an overhang?
- AIM Market Roundup: Premier African Minerals, Ethernity Networks, Europa Metals
- AIM Market Roundup: Ethernity Networks, Verici DX, Aferian
Enteq LON:NTQ was the day’s laggard, down 30% at the bell. That extends the sell off seen on Friday after the company concluded its formal sales process, having been unable to find a buyer. The company has sufficient cash to last a matter of weeks so the need for funding is now pressing.
Artemis Resources [LON:ARV] was the second worst performer, down 27% following the release of a phase one drilling update. Despite this striking an upbeat tone, the shares did make meaningful progress last week, so the best explanation here seems to be one of buying the rumour then selling the fact.
