London’s AIM Index managed a comparatively robust start to the day, but the start of trade on Wall Street hit confidence with the junior market selling off markedly as a result, sitting more than eight points lower at the close at 870.94.
- Actual Experience +29%
- Kibo Energy +20%
- Lifesave Holdings -16%
- Eqtec -27%
- Jarvis -16%
Actual Experience LON:ACT topped the board, up 29%, but there’s no news, order flow has been limited and gains are barely wider than the spread. Seems like there’s nothing to see here.
Kibo Energy LON:KIBO advanced 20%. Again, this is a small cap stock and the upside is almost as much as the spread, but the company did this morning announce that its waste to power agreement first published in February has now been extended to 20 years. Shares have had a rough few months however so even long term investors are unlikely to find much solace here.
A notable mention Lifesave Holdings LON:LIFS which also struggled, off 16%. The company only IPO’d last week but has now lost almost 25% of its value. There’s no news and order flow has been limited, too.
Eqtec LON:EQT was the biggest faller, off 27% following news of a rights issue. This however reflets the dilution effect, with the underlying now reflecting the offered price. The fact the discount is no deeper is to be welcomed.
Jarvis Securities LON:JIM also struggled, down 16% at 4.30pm. This morning’s interims clearly left little room for excitement with revenues down by 23% and profits down by a third. Management highlight deteriorating market sentiment and we can’t argue with that. Increased costs are also weighing but rising interest rates may offer some cause for optimism.
