The risk of a more hawkish outlook emerging from the Fed combined with concerns over geopolitical tensions was sufficient to unsettle markets at the start of the new trading week. London’s AIM Index settled more than six points lower at 883.37.
- URU Metals +33%
- Empyrean Energy +28%
- 88 Energy +11%
- IOG -39%
- EKF Diagnostics -19%
URU Metals LON:URU topped the board, advancing 33%. The stock was suspended for most of January and this is the first meaningful move in the share price, but trade was somewhat lumpy, we have no formal news and there’s a huge spread being quoted at the close.
Empyrean Energy LON:EME added 28%, although again there’s no news and trade was far from fluid. The closing spread was well into double digits but this does add to gains seen in the middle of last week.
88 Energy [LON:88E] gets the notable mention, up 11% on the day. This morning the company announced the completion of a discounted fundraise but oversubscription here along with news that it expected to start drilling on a new well in Alaska next month seems to be winning out.
IOG LON:IOG was the day’s biggest faller, off 39% at the bell. Well test data released this morning was somewhat underwhelming, with a note to the market advising that measured flow rates did not justify a move to production.
- Small Cap Stocks: Empyrean, Seascape, Mirriad
- Small Cap Stocks: URU Metals, Armadale Capital, Phoenix Copper
- Small Cap Stocks: Empyrean, Beacon Energy, Bushveld Minerals
EKF Diagnostics LON:EKF also struggled, down 19% at the close. A trading update released this morning noted that the company’s transition to non-COVID revenues was underway but taking longer than had been anticipated, rounding off a torrid couple of weeks for the stock. A boardroom reshuffle may offer some crumbs of comfort but investor patience may be running thin.
