London’s junior market managed to spend the vast majority of the session in positive territory, before slipping into the red by a whisker in the last few minutes of trade, finding itself at 1173.56.
- Beowulf +24%
- Mediazest +21%
- Frontier Developments -25%
- Vast Resources -19%
- Caspian Sunrise -12%
Beowulf Mining [LON:BEM] found itself up 24% and at the top of the board on Wednesday evening, although the movement here looks like a delayed reaction to yesterday’s news of an MoU having been signed regarding the launch of an anode production facility in Finland. Gains over the last couple of months off the back of production progress in Scandinavia have certainly yielded meaningful results for shareholders and now leave the stock trading on several multiples of last year’s average.
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Mediazest [LON:MDZ] added 21% by the bell, although trade in the £1m company was distinctly lumpy and the gain are only just within the closing spread. There’s an update expected from the business in the next few weeks, but with pricing this erratic, it’s a tough call to make in the short term. How this settles in the morning will however be interesting to watch as demand to sell on a spread like this is probably in short supply.
Video games producer Frontier Developments [LON:FDEV] was at the foot of the table, off by 25% at the bell. Interim results and a trading update left investors with little worth cheering as operating losses grew despite bumper revenues being recorded in December. This seems to be more of the re-rating that was seen off the back of November’s trading update but longer term shareholders will now presumably be hoping this gives a more realistic valuation for growth.
Vast Resources [LON:VAST] also featured again today, but this time on the losing side of the equation as it gave back most of yesterday’s upside. Beyond that stake building there was clearly little to lock in those gains, with the stock reaching the bell some 19% lower.
A notable mention for Caspian Sunrise [LON:CASP]. Shares were hit hard last week after unrest in Kazakhstan. That seems to have abated for now and drilling operations resumed on Monday, but following that initial burst of enthusiasm, it seems there’s still a degree of caution lingering over what might happen next. Shares are down 12% on the day, but remain meaningfully higher than where they sat before Christmas.
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