London’s AIM Index ran out of steam on Wednesday with a deteriorating backdrop on Wall Street doing little to instil confidence. At the close the junior market was down just over three points at 860.1.
- Craven House Capital +58%
- RUA Life Sciences +26%
- XP Factory +17%
- Inland Homes -35%
- Beowulf Mining -25%
Craven House Capital LON:CRV topped the board, up 58% on the day. This however is a minnow of a stock that only saw a couple of trades placed and was quoting a 100% spread at the close. Nothing to see here…
RUA Life Sciences LON:RUA added 26% in the wake of news that it had signed a distribution deal with Corcym to bring RUA’s range of large bore vascular grafts to market. The total global market size for the pipeline products is estimated by RUA to be around $1 billion annually.
XP Factory LON:XPF added 17%, getting the day’s notable mention, up 17% off a trading update. The operator of Escape Hunt and Boom Battle Bars reported a transformational year of growth, with revenue 4x that of the comparative period.
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Inland Homes LON:INL fell 35% on the day, following the news of a strategic land sale. The company advised the market this morning that following a strengthening of planning restrictions, it was disposing of a portfolio of almost 3000 plots. It was no fire sale however with the company turning a more than 50% profit on the sale. This was part of a wider trading update however that highlighted the deteriorating outlook for residential property plays in the UK and noted that lending covenants were being tested.
Beowulf Mining LON:BEM slipped 25% off the back of fund raising news. This is again a micro cap company and sat on an 18% spread at the close and without the funding, there was insufficient working capital to progress at the desired pace over the next 12 months. Investors confidence would be laid clear if the spread was to narrow.
