London’s AIM Index stalled today although with US markets closed for MLK Day, that has arguably taken the edge off risk appetite. Once Wall Street is back to business tomorrow, more direction is likely to be seen but at the close, the junior market was down three points at 861.59.
- Online Blockchain +63%
- Nanosynth +30%
- Ilika +30%
- City of London Group -22%
- IQE -18%
Online Blockchain [LON:OBC] was the day’s biggest gainer, adding 63% by the close. Bitcoin broke above the November highs in early trade, with that US inflation data from last week driving support here and arguably the lack of mainstream trade on MLK Day lending further upside. As always the question will be whether the gains can be sustained – the stock closed a good 15% off mid-session highs – but long term investors will likely be pleased.
Nanosynth [LON:NNN] landed in second place, up 30% at the bell. The stock has been heavily traded over the last week since the placing news, but even today’s gains only take it back to the levels seen at the end of last year. The 12% quoted spread at the close also needs to be taken into account.
Ilika [LON:IKA] gets the day’s notable mention, again up 30%. The company this morning advised the market that it had signed an MoU with Cirtec medical to collaborate in the production of solid state miniature batteries. There are no details to the deal but the news takes gains for the stock to close on 100% since the start of the year.
City of London Group [LON:CIN] was left propping up the index at the close, off some 22%. The company has been volatile of late as it eyes a listing cancellation. Given the absence of news and the limited order flow today, there doesn’t appear much to cause concern here – aside from the obvious erosion of shareholder value.
- SmallCap Round Up: Blue Star, Celadon and Online Blockchain
- AIM round-up: Rosslyn Data, Ananda and IQE
- Ilika secures R&D funding for Goliath solid-state battery range
IQE [LON:IQE] was in second to last place, off by a modest 18%. The semiconductor company published a trading update this morning, advising that full year revenues are expected to be 8% higher, whilst early 2023 is set to be impacted by destocking in the wider industry. Despite management comments that strong commercial progress has been made, investors are seemingly taking the glass half empty view here.