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AIM round-up: MC Mining, Bowleven and UK Oil & Gas


It’s been a relatively uneventful day for the AIM Index, but a positive start in the US despite that looming rate hike was sufficient to drag the junior market back above the 900 mark. At the bell, the AIM Index sat up just shy of four points at 902.51.

  • MC Mining +71%
  • Bowleven +21%
  • Kinovo +17%
  • UK Oil & Gas -14%
  • Parsley Box -34%

MC Mining [LON:MCM] topped the board, up 71% at the bell. Interest in the stock was largely seen in the latter part of the day, with the JSE listing leading the charge. There’s no news here but the company mines coal and with gas prices soaring, a rethink over fuel sources globally is very much in play.

Bowleven LON:BLVN found itself in second place, up by a rather more modest 21%. Limited trade was seen in the stock resulting in a very wide spread being quoted at the close. There’s no direct news here but a JV partner has started exporting crude from Chad to Cameroon which may be instilling confidence.

A notable mention for Kinovo LON:KINO which advanced 17%, adding to yesterday’s gains. Shares are now back where they were ahead of the trading update issued at the start of May. There’s no fresh news here, but an update on the settlement with its former subsidiary DCB Construction which is now operating under administration may be nearing?

Parsley Box LON:MEAL was the day’s worst performer, off 34% with this morning’s trading update coming complete with revised guidance for the full year. Average order value and margins are both up, but headline revenue has fallen by around one third, the cost of onboarding new customers increased by 10% and even the expense of encouraging an existing customer to reorder has doubled to £6. Full year revenues are downgraded to £19m although careful cost management should ensure EBITDA remains as previously forecast.

UK Oil & Gas LON:UKOG was the second biggest faller by 4.30pm with the shares being marked down off the back of a £1.25m placing. Given this was at a 27% discount to last night’s closing price, the comparative lack of discounting is arguably a signal that investors are supportive of the move.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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