A subdued start to the week in light of the IMF following the World Bank in downgrading its outlook for the global economy saw the AIM index close down 4 points to 1055 following a late rally.
- Argos Resources +56%
- Simec Atlantic +36%
- Arrow Exploration +15%
- Sensyne Health -32%
- Corero Network Security -15%
Argos Resources LON:ARG topped the board, jumping 51% although the spread accounts for around half of the day’s gains. Volumes have also been markedly elevated but we’ve seen these false dawns before, with a similar rally emerging in March – and quickly being reversed. Consolidation moves within the industry may be providing some confidence here.
Simec Atlantic LON:SAE was the day’s second biggest gainer, adding 33% by the bell. The shares have been finding favour over the last couple of weeks, supported by funding news with the prospect of more to come, along with the idea that the combination of energy security and environmental concerns could present a timely opportunity here. Shares still remain well below historical highs.
A notable mention for Arrow Exploration [LON:AXL] which tacked on 16% by the bell. Trade was thin and the spread accounts for close on half of the gains, but the company issued a bullish statement this morning regarding its prospects in Colombia.
Sensyne Health [LON:SENS] was the day’s worst performer, sliding some 33% by the close in response to news that the company had terminated its formal sale process. That follows an agreement with lenders to provide access to additional capital, but evidently at least some investors hopes have been dashed off this move.
Corero Network Security LON:CNS was the second worst performer of the day, although losses were a mere 15%. The stock had a good run in the first half of the month, but rather than wait for results which are due on April 26th, a number of investors appear to be looking for the exits today. The stock is also closed on a spread of almost 6%, underlying the imbalance between sellers and willing buyers.
