London’s AIM Index has posted its fourth successive day of gains, the first time such a run has been seen since the end of May. Comprehensively outperforming the main board, the junior market rounded out the session almost seven points higher at 895.49.
- Tungsten West +26%
- Tintra +23%
- Online Blockchain +17%
- Morses Club -42%
- Sancus Lending -29%
Tungsten West [LON:TUN] enjoyed a second consecutive day topping the board, advancing a further 26% although closing off session highs. News of management change and restarting mining operations remains popular with investors, driving volumes as a result. It’s worth noting that the share price remains well below the highs seen earlier in the year.
Tintra [LON:TNT] was the day’s second biggest riser, up 23% at the bell. There’s no news out but could this by a sign that some is imminent? Volumes were moderately up across a limited number of trades.
There’s a notable mention for Online Blockchain [LON:OBC] which saw its share price advance 17% on the day. Bitcoin hit its highest price in over a month today so this is likely bolstering sentiment, although the gain was within the quoted closing spread.
Morses Club [LON:MCL] found itself at the bottom of the board, with the sub prime lender off 42% at the close. An update issued this morning indicated more short term pain for the company and the suspension of dividends, although it believes that the longer term outlook is more encouraging given the deteriorating economic situation. The debate about whether doorstep lending is an appropriate way to fund day-to-day living costs is for a different venue.
Sancus Lending [LON:LEND] also had a tough day, down 29%. The company only tends to see limited trades going through so the sell off may be exacerbated by liquidity. As the company is only involved in commercial lending, suggestions that this may be read across from the MCL news would seem misplaced.
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