London’s AIM Index staged something of a recovery this morning and managed to lock in the bulk of those gains by the close, finishing up just over four points at 865.15.
- Orosur Mining +43%
- Valirx +22%
- Ethernity +22%
- Inland Homes -34%
- Wishbone Gold -11%
Orosur Mining [LON:OMI] finished at the top of the board on Tuesday, up some 43% after a well received update on its Colombia mining project. A substantial high grade gold intersection was found, perhaps most critically on the first drill site in an otherwise untouched area. Volumes were unsurprisingly elevated with the stock pushing out to levels not seen in almost a year.
Valirx LON:VAL added 22% by the close, with this morning’s issue of share options to staff hinting that some good trials news may be looming. A proposed non-exec appointment could also prove crucial for the company.
Ethernity LON:ENET gets the notable mention, just dropping into third place with gains a shade under 22%. The company this morning announced that it would start a dual listing of shares on a US OTC board, with this having the potential to allow the company to tap into US capital markets as a result.
Inland Homes LON:INL was the day’s worst performer, down some 34% at 4.30pm. A trading update this morning came with a side order of a strategic review and board changes. Citing challenges with the planning system despite owning a significant land bank, the company has appointed bankers to look at options – possibly hinting at an outright sale. Delays in two major projects also mean that full year numbers are set to miss expectations. Shares have fallen to levels not seen in almost a decade as a result.
Wishbone Gold LON:WSBN finished some 11% lower, with two news releases out today. The first highlighted a discounted equity raise which was reflected in the fall. The second note – which failed to deliver any lasting upside – was confirmation of highly encouraging results from the first drilling program at its Queensland project. Further exploration is now necessary but could the rights issue provide a valuable entry point?
