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.
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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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