The week may have started on a rough note for the AIM Index, but the market shook off that sentiment today and bounded higher, reaching the closing bell at fresh multi-year highs, some 17 points ahead at 1262.96.
- Baron Oil up 46%
- Kropz up 18%
- St James House down 17%
- Cyanconnode Holdings down 15%
- Celtic up 12%
It’s not without irony that on Earth Day, the biggest AIM gainer is Baron Oil [LON:BOIL], but the stock surged 46% during Thursday’s trade. There’s speculation that a drill site’s prospects have just improved significantly, but this move only recovers ground that has been lost over the last couple of weeks. Trade has certainly been brisk in recent days with the equivalent of one third of issued shares reported to have changed hands since Monday. One to watch.
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Shares in Kropz [LON:KRPZ] also made the list today, reaching the bell some 18% higher as the day’s second biggest gainer. There’s no news out here either, but trade was exceptionally lumpy and as a result the 17% spread accounts for the bulk of the move.
St James House [LON:SJH] was the biggest casualty, off 17% but with a market cap of just £2m, a 30%+ spread being quoted at the close and a very lumpy day’s trade it’s difficult to read much into this. Notably, this move simply erodes the gains seen off the back of the jump we noted on Monday.
Cyanconnode Holdings [LON:CYAN] is a new one for the column I believe, but its 15% sell off by the bell made it the second biggest faller on the day. The company develops narrowband RF mesh networks to enable Internet of Things communication. Again, there’s no firm news out to support the move but the stock jumped sharply higher just two weeks ago off the back of a well-received trading update. Today’s slump means those gains have now been fully unwound and the stock sits close to YTD lows. Whether this is the time for bargain hunting is difficult to say.
A notable mention for Celtic plc [LON:CCP], the company behind Glasgow’s Celtic Football club. The ‘beautiful game’ has been in the spotlight this week with that abortive attempt to form a European Super League likely having escaped no-one. That may now be off the table, but media speculation today has been around the idea that reform in English football could see more fan ownership and Scotland’s top teams playing south of the border. That appears to have been sufficient to drive fresh interest in Celtic, with the stock adding a further 12% by the bell – albeit in thin trade and with a relatively wide spread.