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AIM round-up: Tower Resources, Amur Minerals, SRT Marine

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After a slow start, London’s AIM index managed to finish the week’s opening session a shade higher, up just over two points at 808.77, with positive sentiment from across the Atlantic evidently lending a degree of support.

  • Tower Resources +44%
  • Amur Minerals +23%
  • SRT Marine +17%
  • Tortilla Mexican Grille -31%
  • Adams -18%

Tower Resources LON:TRP topped the board, adding 44% on the day. There’s no news behind the move but the company did release interims on Friday which failed to generate much of a response at the time. Traded volumes have however been markedly elevated today, with some unsubstantiated chatter of news coming in the next few days.

Amur Minerals LON:AMC added 23% off the back of news that it had arranged the disposal of a Russian asset, having been granted the necessary licenses. Completion is expected on Nov 1st with a one off payment of US$35m due five days afterwards. A special dividend of 1.8p per share is set to be paid within 90 days of this event, arguably accounting for much of today’s uptick which saw shares settle at 1.64p.

A notable mention for SRT Marine LON:SRT which added 17% off the back of a half year trading update, covering the six months to 30th September. Revenues were 300% up year on year, despite ongoing production constraints. There’s evidently some long term optimism emerging here as the stock starts to pull away from the multi-year lows tested last week.

Tortilla Mexican Grille LON:MEX slumped 31% on the day following the release of interim results. Despite headline numbers looking good, the note adds that industry headwinds will take a 300bps toll on margins, leading to a material impact on profits in the second half.

Adams Plc [LON:ADA] fell 18%. There’s no news here but only one trade was showing against the stock at the time of writing whilst it also sat on a 25% spread. Arguably nothing to see here for the £7m company.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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