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AIM round-up: ADM Energy, 88Energy, T42 IOT


It’s been yet another day of modest declines for the junior market, but there’s no denying the cumulative impact here with the AIM Index off another two and a half points on Wednesday, reaching the bell at 879.44

  • ADM Energy +43%
  • 88 Energy +41%
  • T42 IOT +32%
  • CM Group -52%
  • Distil -15%

ADM Energy LON:ADME topped the board today off the back of news of PetroNor’s acquisition of Panoro’s interest in OML 113. That is seen as marking a significant event for a JV as it now allows ADM to further concentrate on accelerating the development plans for Aje. There’s no denying that’s a cryptic situation but ADM advanced 43% by the closing bell on the news.

88 Energy [LON:88E] also fared well adding 41% with enthusiasm continuing to flow off the back of yesterday’s media reports. Shares closed around the 1p mark, more than 100% up on the recent lows but still well down from the 2.75p seen in Q1

T42 IOT LON:TRAC also had a good session following its announcement this morning of a significant distribution agreement in Argentina. The deal is said to be worth $16m over 4 years and is the company’s latest win in the region. Shares were 32% ahead at the bell.

CM Group LON:CMO was the day’s laggard, off 52% at 4.30pm. this morning’s trading statement clearly left investors underwhelmed after management dialled back expectations in the near term.

Distil LON:DIS also struggled in the wake of a trading update this morning. The company flagged a remodelling of the business proposition which it believes will yield results in 2023, but despite the positive spin, investors seem underwhelmed. Shares reached the bell some 15% lower.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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