London’s AIM Index tumbled in line with markets on both sides of the Atlantic today, nursing its biggest one day percentage loss in almost four weeks and reaching the closing bell some 13 points lower at 1238.44.
- Immunodiagnostic Systems Holdings +32%
- Pantheon Resources +23%
- I-Nexus Global -24%
- ECR Minerals -18%
- UK SPAC -10%
Healthcare play Immunodiagnostic Systems [LON:IDH] topped the board today, adding some 32% by the closing bell. The stock found favour off the release of that trading update last Friday before staging a quick reversal. The wide spread does however underline the thinly traded nature of the instrument, but given the bullish outlook in last week’s statement this company may have more room to impress in the months ahead.
Pantheon Resources [LON:PANR] reached the closing bell as the day’s second biggest riser, marked some 23% ahead. There’s been some variation in the closing auction, but for expedience for the last couple of weeks we have been sticking to 4.30pm for a reference price. Yesterday the stock was the biggest faller after investors appeared to take an overly pessimistic view of the operational update. Today’s rebound was always justified but the addition of an industry survey later in the session failed to embellish the gains.
I-Nexus Global [LON:INX] was flagged in this column yesterday for another solid run higher, along with the notable absence of any update from the business in response to the abnormal share price movement. That was settled today with the aforementioned ‘speeding ticket’ being issued, stating there was nothing they could use to explain the jump, leaving shares to tumble 24% by the bell.
ECR Minerals [LON:ECR] was another notable casualty, off 18% at 4.30pm. A lengthy drilling report was published this morning, which seemingly left investors underwhelmed. In the scale of things, an 18% dip isn’t unusual for a company with a £17m market cap, bit perhaps more worryingly this extends a down trend which has been in play for two and a half months now.
A notable mention to UK SPAC [LON:SPC], the renamed Mountfield Group, which saw its shares retreat 10% today. This stock has now given back most of the gains accrued since the start of the tax year, although there are signs that one party is stake building. Confirmation of who this is may be sufficient to provide a modicum of support. Also worth adding in light of the 10% slump that the stock was being quoted on an 8% spread and does also have a very modest market cap. Could be interesting to watch.