London’s AIM Index has started the week in a somewhat muted mood, trading a couple of points lower in early trade before recovering to close almost unchanged at 864.56. Inertia ahead of key US economic releases later in the week could maintain this stance.
- Amur Minerals +61%
- Plexus Holdings +58%
- Pantheon Resources -43%
- Fusion Antibodies -24%
- GeTech Group +16%
Amur Minerals LON:AMC topped the board, adding 61% by the closing bell after the company announced the disposal of a project for $35m. Given the company only had a market cap of around £14m this morning, value has certainly been derived from the deal.
Plexus Holdings LON:POS added 58% by the bell, with investors reacting to news of a £5m contract award, half of which will be booked in the current accounting year. Volume was elevated but the number of transactions was limited, driving the spread as a result. Against the low market cap, this deal is material.
Pantheon Resources LON:PANR slipped 40% off the back of an operational and corporate update. Given the upbeat nature of the statement there’s concern that the move could be overdone and even if the well is throwing off a higher than expected proportion of gas, questions are being asked as to whether this warrants another move lower of this magnitude.
Fusion Antibodies LON:FAB slipped 24% off the back of a trading update. The key line in here was one explaining that revenues and earnings for FY 2023 are now expected to be significantly behind current market expectations, with the Board anticipating income for FY 2023 being not less than £2.8M – significantly down from the £4.8m posted in FY 2022.
GeTech LON:GTC gets the notable mention, advancing 16% on the day. The company announced this morning that it had appointed Graham Cooley, formerly of ITM Power, to Chair its H2 subsidiary as it looks to find a place in the UK’s hydrogen production capacity over the next few years.
