There’s an air of “buy everything” running into the close tonight as hopes of a Fed pivot and the idea that the US may avoid recession providing cheer across the board – including UK small caps. The AIM Index reached the bell almost 11 points higher at 798.36, having just failed by a whisker to test that psychological 800 level.
- Ukrproduct +45%
- Empire Metals +45%
- Deepverge +29%
- Parsley Box -26%
- Condor Gold -18%
Ukrproduct LON:UKR, the London-listed, Ukrainian food producer, saw its shares top the board today, adding 45% by the bell. Sadly there’s no transformative news here, it’s just a very thinly traded stock sitting on a proverbial mile-wide spread.
Empire Metals LON:EEE advanced 45% and at least there was a story behind this. The company advised earlier today that an expert review of its Pitfield copper project in Australia had all the hallmarks of a “giant” copper mineralisation system. This could make the deposit something that management are branding as being of worldwide significance.
A notable mention for Deepverge LON:DVRG which provided updates this morning, including encouraging news of the ongoing fundraising process which was announced earlier in the month. The brokers note progress despite challenging market conditions, although this comes with the usual caveat that it won’t necessarily complete.
Parsley Box LON:MEAL is back on our radar, down 26% by the bell. Another management update this afternoon highlighted that delisting the stock to offer more flexibility in raising further capital remained an option, although the company was also keen to stress that various options were under consideration and that current cash reserves exceeded £3.5m.
Condor Gold LON:CNR also struggled, off 18% in a busy day of trading. There’s no formal news out but the extension of US sanctions against Nicaragua is perhaps being seen as having the potential to constrain opportunities here, given its focus on the country.
