Mounting fears that the Federal Reserve will tip the US economy into recession is taking a toll on risk assets, with the AIM Index very much part of this. Downside pressures are accelerating and on Wednesday the junior market lost a further ten points to sit at 851.86 by the bell.
- Star Phoenix +225%
- Conroy Gold +28%
- Powerhouse Energy +26%
- MC Mining -22%
- Synergia -17%
Star Phoenix LON:STA topped the board as the company’s listing was reinstated following a close on two month hiatus. Results for the year to 30th June were published last night and the stock jumped as much as 300% in early trade before giving back some of those gains in the latter part of the session, finishing 225% up on the day.
Conroy Gold LON:CGNR advanced 28% following news this morning that the company had made a new gold discovery in Ireland. There’s little detail on the scale of the find, but management note that it is a potentially transformational event.
Powerhouse Energy LON:PHE gets the notable mention, up 26% on the day. This morning the company advised the market that it had signed a framework services agreement with a subsidiary of Petrofac. The deal will see gasification of waste by Powerhouse being used as Petrofac pursue a net zero future.
MC Mining [LON:MCM] was the worst performer, off 22% at the bell. Trade was rather lumpy and that’s pushed the stock out to a fairly wide closing spread. There’s no official news here so this may be nothing more than window dressing.
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Synergia Energy [LON:SYN] slipped 17% by the bell. The company advised this morning that it had entered into a convertible loan note agreement to secure £650k worth of financing, admittedly at a competitive 5% interest rate but the conversion price looks a little on the low side.
