London’s AIM index has just concluded a somewhat rangebound session, trading in a channel of just three and a half points to reach the bell just a whisker lower at 815.31.
- Karelian Diamond Resources +27%
- Poolbeg Pharma +24%
- Victorian Plumbing +13%
- Mobile Streams -31%
- Image Scan -19%
Karelian LON:KDR topped the board today, jumping 27% following news that mineral prospecting licenses had been granted in Northern Ireland, as the company looks for fresh Nickel-Copper-Platinum mineralisations in the area. Volumes were certainly elevated, but the gains are eclipsed by the spread.
Poolbeg Pharma LON:POLB was in second place, up 24% on the day with news that the CEO had invested in the company. Perhaps the more surprising point here is that this is the first tranche of stock bought by the CEO, but the market seems to be applauding the confidence this relays. Volumes were significantly higher than average but the spread remained tight.
Victorian Plumbing LON:VIC gets the notable mention, up 13% on the day. A full year trading update showed revenues, earnings and cashflow all above market consensus, with margins also improving in the second half of the year. Whilst acknowledging the challenging economic environment, high levels of cash generation and a strong balance sheet are seen as causes for optimism.
Mobile Streams LON:MOS found itself at the foot of the table, off some 31% at the bell. That reflets the impact of a discounted funding round which was completed today at a price which was some 33% lower than last night’s close but the company sees the imminent football world cup as an ideal opportunity to harness growth opportunities.
There’s a trading update out from Image Scan LON:IGE which rattled investors, sending shares down 19% by 4.30pm. The company reiterated earlier guidance that profits would be below market expectations owing to contract slippage and despite painting an upbeat picture for the year ahead, shares remained under pressure. That said, there was something of a recovery as the day continued, trade was limited and the move was within the spread for this £2m market cap company.
