London’s AIM Index managed an encouraging start to the week, although lagged many other major bourses with sharp gains for Sterling likely weighing. The junior market closed up more than seven points at 787.07.
- Joules Group +30%
- Powerhouse Energy +27%
- Quadrise Fuels +18%
- Rockfire Resources -46%
- MJ Hudson -31%
Joules Group LON:JOUL topped the board today, adding 30% by the bell. There’s no news in the public domain but just a week ago the company confirmed it was looking at assorted routes to ensure its survival. Volumes were elevated but far from remarkable, but is some stake building in progress?
Powerhouse Energy LON:PHE advanced 27%. An investor briefing video seems to have galvanised support for the stock, although gains did kick off ahead of the weekend break. Shares have now recovered all of the losses from September and sit almost 100% higher from last week’s lows.
Quadrise Fuels LON:QFI added 18% on the day, extending the rapid gains of the last two weeks since the release of final results. Again there’s no additional news out here, but the stock could soon be posting fresh highs for the year.
Rockfire Resources LON:ROCK slipped 46% on the day, leaving the stock at the foot of the board. That’s a response to a deeply discounted cap raise which was announced this morning, although does take the board’s collective stake in the company up to almost 15%. The new capital will be used to facilitate a planned survey and drilling work.
MJ Hudson LON:MJH also struggled, off 31% at the bell. Following audit adjustments, the company was left to revise its guidance this morning. The treatment of some revenues means that the previously advised modest EBITDA overshoot is unlikely now to be achieved and investors have evidently shown their disquiet with this news, despite the fact that an optimistic trading outlook was also offered.