Approaching 2.30pm and London’s AIM index was managing to post some modest gains, outperforming the main board and sitting just over four points higher at 1153.85.
- Alba Minerals +39%
- Helium One +23%
- 88 Energy +19%
- Deepmatter -34%
- Advance Energy -16%
Alba Minerals LON:ALBA is topping the board, up by 39% with a couple of hours to run of Thursday’s session, but it’s only that relatively modest investment by the Chairman yesterday that seems to be lending any support here. Regardless, investors still seem happy to wade in although the 13% spread also needs to be taken into account.
Helium One LON:HE1 was also faring well, up 20% on the day. Shares have been finding favour for over a week now, but it was Monday’s release of a survey update that arguably cemented the gains here. The stock has more than doubled since the start of the year – although still sits well below the highs of last summer.
A notable mention for 88Energy [LON:88E] which is no stranger to either this column or three quick facts. The shares tacked in another 19% today, presumably off the back of speculation that the dispute over drilling plans may soon be resolved in the company’s favour. Volumes however remain brisk in the stock – as has been the case for the last couple of weeks. The obvious near-term risk here however is a shock environmental ruling, which would be a game changer – and not in a good way. For now however, optimism is ruling the day.
Deepmatter LON:DMTR, the digital chemistry data company, is the day’s laggard, sitting some 34% lower at copy time. The company has however just gone through a significant cap raising round, so attempting to find the upside here, taking into account the dilution effect it could be worse.
At 2.30pm, Advance Energy LON:ADV was the second worst faller, off by 16% and extending yesterday’s notable losses. On the basis that shares crested at 5.3p on Monday and now sit at 0.65p, this really has been a shocker. Buyers are out there, but the spread is wide and without the seismic evidence this seems as if it might be a difficult one to recover any time soon.
