A slightly curious turn of events today, with the AIM Index adding almost 16 points – 1.3% – to close at 1228.38.
Tech stocks finding favour and a softer pound both helped drive the move, which eclipsed the gains seen from the FTSE-250 and was significantly better than the loss posted on the FTSE-100.
- Uru Metals +37%
- Online Blockchain +18%
- Loopup -23%
- Assetco -17%
- Bradda Head +12%
Uru Metals LON:URU topped the board, adding 37% by the bell, but trade looks to have been exceptionally lumpy. A 16% spread and a £5m market cap give us the usual caveats and again with a small number of parties holding 70% of the stock, modest demand around the edges can have an outsized impact.
Online Blockchain LON:OBC is back on the radar, adding another 18% during Thursday’s trade and finding itself in second place on the leader board. Whether that’s a run-on from yesterday’s gains or off the back of bitcoin managing to maintain its recent bounce remains to be seen but the company is – at least for now – enjoying some good fortune.
A notable mention for Bradda Head [LON:BRAD] which added another 12% following yesterday’s bumper market debut. There’s no news out to support the gain, but again with limited free float and presumably some post-listing lock-up arrangements in place too, small volumes may have the potential to give outsides moves here.
Cloud platform the LoopUp Group LON:LOOP found itself at the foot of the table today, sitting some 23% lower by the closing bell. A trading update published this morning certainly painted an upbeat picture in terms of pipeline and transition of existing customers to a preferred charging structure, but management now expect H1 revenues to be around 13% below expectations. This stock has been on a bumpy ride of late, but having already been hit hard at the end of last year, the price is almost 80% down on the year. Will today’s move prove to be overdone?
Assetco LON:ASTO found itself in second last place today after news of a £16.5m cash acquisition of a 63% stake in Rize – plus a further commitment of £5.25m worth of investment in the specialist ETF issuer. The news was accompanied by a deeply discounted placing, so even though there’s been a 17% dip today, that was inside the spread and trading was quite limited.
