UK equities have had a difficult start to the week, with the strengthening Pound taking a toll. GBP/USD sits at one month highs whilst against the Euro we’re trading close to levels not seen for three months. The AIM Index reached the bell around four points lower at 917.51
- Cornerstone FS +24%
- Wishbone Gold +21%
- Symphony Environmental -11%
- Tintra -15%
- Ironveld -11%
Cornerstone Financial Services LON:CSFS topped the board today, up 24% by 4.30pm. Order flow was limited, the stock sits on a wide spread and there’s no firm news out, but with Nat West said to be pursuing Quilter could be seen as a catalyst for some consolidation activity.
Wishbone Gold LON:WSBN was 21% higher at the bell. The broader sector has been finding support in recent days but the release this morning of what are described as encouraging drilling results from Western Australia have given investors something to cheer. Daily volumes came in around 10 times higher than average.
Symphony Environmental LON:SYM gets the notable mention with comparatively modest losses of 13% being recorded. A trading update this morning noted revenue down 40% from the comparative period but the board remains confident full year targets can still be met, with news of a modestly discounted fundraise likely to have added further downside pressure.
Tintra LON:TNT was in last place, so 15% lower at the bell. Their publication of final results this morning was accompanied by a note from the new CEO including a forthright admission that the balance sheet, whilst not pretty, gave a solid foundation for growth. Arguably a bit of kitchen-sinking going on there and it’s worth bearing in mind this stock has powered its way higher over the last couple of weeks. The closing spread did however sit above 10% despite volumes being close to average.
Ironveld LON:IRON slipped 11% following the publication of AGM results. All motions were passed, leaving the board in situ and facilitating the admission of a $4m placing which had been initiated a couple of weeks back. There’s some shareholder dissent here, but the loss is around the same as the spread.
