The AIM Index has once again failed to find any headway during the day’s session. Early gains were quickly eroded and a stuttering start on Wall Street did little to add any further confidence. At the bell, the junior index sat more than four points lower at 823.27
- Music Magpie +74%
- Ncondezi +37%
- Xeros Technology +11%
- Pressure Technologies -47%
- Rambler Metals and Mining -38%
Music Magpie LON:MMAG topped the board today, recovering some of Monday’s losses off the back of that profit warning and advancing an impressive 74%. The stock is still well down on the week, but the circular economy ought to be a popular play and with consumer wallets stretched, has the ability to absorb market share from above.
Ncondezi LON:NCCL was in second place, up by a rather more modest 37%. There’s no formal news here and the stock was trading on a 15% spread late in the session, but buyers are aplenty. Is an update incoming?
Xeros Technologies LON:XSG – a company that reduces the impact of clothing on the environment – was buoyed by news of a joint development agreement with a global domestic washing machine component manufacturer to create a filtration system. The nuanced details are in the market statement and there’s no monetary size given here and the 11% gain is within the quoted spread, but the intention has been well received.
Pressure Technologies LON:PRES was the day’s biggest faller, off 47% by the bell. This morning the company issued a full year trading update which painted a bleak picture. A poor performance for the period means that they are unlikely to meet covenant tests to maintain banking facilities and despite the more promising outlook for next year, investors are clearly concerned.
Rambler Metals LON:RMM was down 38% on the day, following the release of interims after the closing bell last night. Despite an upbeat set of headline numbers, the company noted operational inefficiencies due to limited financial capacity, hinting in turn at the need to inject fresh capital.
