After starting Wednesday’s session in negative territory, the AIM index advanced quickly, closing up 5 point at 973.84, creeping ever closer to the year-to-date high.
- Bahamas Petrol up 33%
- Tekcapital up 28%
- Global Petroleum down 36%
- 88 Energy down 18%
- Notable mention – N4 Pharma down 7%
Bahamas Petrol [LON:BPC] added one third to its share price, fuelled by what appears to be speculation over the prospect of a drilling update. Shares are still below the levels seen at the start of the summer, but an RNS on Thursday morning could add further upside here.
Tekcapital [LON:TEK] was another strong gainer, adding 28% after news that one if its portfolio companies had signed a distribution agreement bolstered confidence in the group. The company in question makes “microsalt”, which is a finely ground variant of regular salt, so apparently you get the same salty taste, just with less sodium… If nothing else this should be a lesson for investors everywhere – there’s still opportunity to be had!
Global Petroleum [LON:GBP] slumped 36% following its successful cash call. Apparently the £1.4m raised takes the company’s market cap to a mere £2m.
88 Energy [LON:88E] was another big faller, off 18% as the stock gives back some of its recent gains. As was noted yesterday the market is desperate for a more refined update after last week’s note. This slide appears testament to that.
N4 Pharma [LON:N4P] continues its rollercoaster ride as investors keep weighing up what might happen next. Having added 10% on Tuesday, shares closed 7% lower last night, edging back towards those levels from before the RNS about its COVID-19 study was issued in early August.