Approaching 3.30pm on Monday, London’s AIM index had made some modest progress but it still looks as if a retest of the 1,000 mark could prove elusive for a while yet. At copy time the market sat a little over three points higher at 976.43.
- Clontarf Energy +24%
- ECR Minerals +19%
- Intercede Group +11%
- Sound Energy -18%
- Jade Road Investments -15%
Clontarf Energy LON:CLON makes the list again today but this time as the biggest gainer, adding 24% by copy time. At the start of the week the company disappointed investors with news that a drilling operation had revealed no deposits, leaving the share price facing significant downside pressure as a result. Today’s rebound still leaves longer term investors seriously offside.
ECR Minerals LON:ECR was in second place at 3.30pm, up 19%. This morning the company notified the market of multiple high grade gold intercepts at a mine in Victoria, Australia, adding to the initial statement made back in March. The share price has however been on the back foot for the last couple of months, and even these latest gains still do little to flatter performance. Could there be more to come?
A notable mention for Intercede Group LON:IGP, up 11% off the back of final results published this morning. Investors gave the numbers a welcome response despite reflecting a series of declines on the previous FY, but the response is in line with management promises that better times lie ahead.
Sound Energy LON:SOU was at the foot of the board down some 18% off the back of fundraising news. The decline reflects the price of the newly issued shares, but given the newly issued stock only represents an extra 10% of shares in circulation, investors are evidently showing some caution here.
Minnow Jade Road Investments LON:JADE also struggled today, but with limited order flow and a 20% spread, the 15% decline in the £6m market cap company needs to be read in context. That said, there’s been little price action since the start of the year so does today’s shift in sentiment suggest something afoot with a portfolio investment?
