Despite making some progress off session lows in the latter part of the session, London’s AIM index stumbled in the last hour of trade to reach the bell just over three points lower at 1187.24.
- Beowulf Mining +18%
- Fulcrum Utility Services +13%
- Skinbiotherapeutics -20%
- Nanosynth -19%
- Simec Atlantis Energy -19%
Beowulf Mining LON:BEM found itself at the top of the board on Tuesday, adding a relatively modest 18% off the back of yesterday’s release of full year results. Trade was however lumpy and there was little in the report that stood out with perhaps the exception of a possible production update. With a spread of more than 7% being quoted, the price action seems to be largely a result of the thin market conditions.
Fulcrum Utility Services LON:FCRM added 13% today, with the shares being supported by news of a domestic asset sale. Whilst this is good news, the stock has been squeezed of late amidst concern over the state of the UK energy supply market and a recent update in a bid to calm fears had little impact. Even with today’s gains, shares are down by around two thirds on a year to date basis.
Skinbiotherapeutics LON:SBTX was the day’s worst performer, shedding 20% by the bell as the market digested full year results. The overall tone of the numbers was perhaps a little lacklustre, so the scale of the dip seems rather exaggerated but shares continued their recent descent, reaching the bell at levels not seen in almost nine months.
Nanosynth LON:NNN also struggled today, losing 19% with a strategy update seeming to set the pace. If anything, there could have been more detail in this note and whilst a potential relocation of UK operations may have the potential to stretch finances in the short term, the company’s anti-viral materials are arguably as relevant as ever given the latest COIVD variant news. Today’s losses however simply reverse the move higher which has been seen in recent days, suggesting that there may have been hopes of more from this note.
A notable mention for Simec Atlantis Energy LON:SAE which lost close on 19%. Interest in the stock has been elevated since the end of last week, helped along by a shift in the UK government’s stance over funding for tidal energy. Today’s move erodes some of those gains, again suggesting that this may well simply be a case of profit taking off the back of that modest tick higher.
