London’s AIM Index has managed to post some fresh gains on Tuesday despite another day of advances for the Pound. By 330pm, the junior index sat close on four points up on the day at 828.79, posting six week highs in the process.
- Online Blockchain +52%
- Clontarf Energy +34%
- Jaywing +24%
- Applied Graphene -43%
- Brand Architekts -16%
Online Blockchain LON:OBC was the day’s biggest riser, up 52% at copy time. This morning the company advised that transaction volumes on Umbria Network’s cross-chain bridge were up by a factor of 10. The technology enables users to transfer crypto funds between chains at a fraction of the previously quoted costs.
Clontarf Energy LON:CLON advanced 34% by 3.30pm. There’s no formal news here and almost half of the gain can be accounted for in the spread but after a poor summer in the wake of drill results back in May, could this be the start of something better – or is a speeding ticket the next notification investors will see?
A notable mention for Jaywing LON:JWNG which added 24% on the day after Lord Ashcroft was disclosed to have upped his stake to just under 30%. That’s pushing him close to the trigger point for having to make a full scale offer for the company.
Applied Graphene LON:AGM was the worst performer, off 43% after the company declared that it wasn’t going to pursue a fresh equity raise round at this time, owing to unfavourable market conditions. Critically the company requires further cash to trade beyond next January as by this point cash reserves will be fully depleted. Any update on this will be keenly awaited by the market.
And Brand Architeks LON:BAR was the second worst performer by 3.30pm off by an admittedly modest 16%. The company published final results this morning which highlighted the challenges posed especially by falling discretionary spend amongst consumers given macroeconomic headwinds. Group turnover is down and the idea of reaching £50m of revenues by 2025 is now being questioned.
