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.
