London’s AIM Index has evidently failed to find much to cheer off the back of the news of the new Prime Minister or – perhaps more surprisingly – the ongoing sell-off of Sterling. At the bell, the junior market sat just over five points lower at 860.86, trading at levels not seen in over two years.
- Block Energy +27%
- CleanTech Lithium +22%
- UK Oil & Gas +16%
- Clontarf Energy -41%
- Trackwise Design -21%
Block Energy LON:BLOE topped the board, advancing 28% by the close. The company issued an update this morning noting that drilling had commenced on a previously announced well. This is the first in a series of drills but there are no indications as to when a further update may be made.
Cleantech Lithium LON:CTL found itself in second place, up 21%. The company has significant operations in Chile so the rejection of sweeping changes to the country’s constitution may be lending some support here, although it’s worth adding that meaningful gains have been accumulating here since the start of August. Read our in-depth report on CleanTech Lithium.
UK Oil & Gas LON:UKOG gets the notable mention, up 19% by the bell. There were very heavy volumes seen in the stock today and there may be optimism that Liz Truss could offer a smoother path for business operations in the UK given the current geopolitical climate, but with potential cash demands looming, there’s a risk this could be short lived. The miniscule share price is also likely having an exaggerated impact on the spread.
Clontarf Energy LON:CLON was the day’s worst performer, off 41% at the bell. Shares rallied hard into the weekend break but the “speeding ticket” issued by the company this morning noting it had no explanation for the step change served to reign in the enthusiasm. Management did however use the opportunity to provide an update to shareholders, which at least left the stock up by more than a third from Thursday’s close.
Tanfield was the day’s second biggest faller but with a mere handful of trades and a proverbial mile-wide spread, we’re going to look instead at third placed Trackwise Design LON:TWD. The stock reached the bell down 21% in a relatively busy day of trade. This extends the losses which were picked up at the end of last week – there’s no news here but with the share price having fallen 90% in the last 12 months, optimism seems thin on the ground.
