London’s AIM Index made some modest progress during the week’s first session. Gains were limited to just over two points but the end of day level of 849.66 is the highest close seen in over a month.
- Physomics +65%
- Igas Energy +28%
- Music Magpie +11%
- Frontier Developments -43%
- Anglesey Mining -23%
Physomics LON:PYC was the day’s best performer, tacking on 65% by Monday’s close. This morning the company reported that it had successfully completed a research study which gave a series of key positive insights, with further follow up promised for shareholders by the end of the quarter. Volumes were significantly elevated on the day.
Igas Energy LON:IGAS added 26% on the day. There’s no formal news here but hopes are running high that the company’s geothermal energy work with SSE will yield big results in the year ahead.
Music Magpie LON:MMAG gets the notable mention today, with the circular economy play having this morning announced that its US division would start selling on the WalMart platform. That clearly has significant scope and shows a degree of “mainstreaming” of the proposition. It’s disc media to start with but hardware is set to be added in the coming months.
Frontier Developments LON:FDEV slipped 43% on the day following a trading update. That comes despite expectations of a 16% uptick in H1 revenues and the company remaining well capitalised. However, underwhelming sales performance in the run up to Christmas appears to have taken a toll with the FY23 revenues now expected to be around £100m vs the previously forecast £135m. Profitability will also be hit.
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Anglesey Mining LON:AYM retreated 23% on the day, giving back the gains which appeared off the back of a news story regarding survey results heading into the weekend break. By all accounts some have used this as a trigger to book profits, with relatively lumpy trade and a 5% closing spread being reported.
