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London’s AIM Index spent the day largely rangebound around the break-even point. Some modest gains did emerge in the later part of the afternoon session but these proved unsustainable, with the market finishing down just over one point at 1227.67.

  • Blue Star Capital +50%
  • Inspirit Energy Holdings +30%
  • Valirx -36%
  • Kefi Gold and Copper -17%
  • Oncimmune Holdings -13%

Blue Star Capital [LON:BLU] was the day’s best performer, adding 50% to the share price by 4.30pm. A portfolio company announced the results of an oversubscribed fundraising and investors clearly have high expectations for the potential upside here. The note adds that the portfolio company in question – Pendulum – now needs to be revalued within Blue Star’s accounts.


Inspirit Energy Holdings [LON:INSP] also fared well, adding 30% by the bell. There’s no meaningful news out although a large stake held by a broker has been trimmed off the back of client activity. Volumes in the £3m stock are however significantly elevated with suggestions that the equivalent of as much as a quarter of the issued equity may have changed hands today. The closing spread was also notably wide at 18%.

Valirx [LON:VAL] found itself at the foot of the table today, down some 36% and unwinding most of the last month’s gains as a result. This morning the company noted it had signed a Letter of Intent over a proposed licensing agreement with a commercial partner and it seems as if investors were less than impressed with the potential upside here, despite the company’s conviction over the agreement. However does this now create a buying opportunity?

Kefi Gold and Copper [LON:KEFI] also struggled, slipping 17% on the day. There was a note issued yesterday which arguably heighted security concerns around the operation, whilst the political situation across Ethiopia also looks challenging with some reports now emerging that the country is under a state of emergency. Further downside could yet follow.

Oncimmune Holdings [LON:ONC] gets the notable mention today, shedding 13% off the back of full year results and a progress update which was issued before the bell. Full year revenues are up six fold on a year ago, although that was still some way short of forecasts provided in unaudited reports back in the summer, owing to accounting challenges over timing.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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