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Home » UK Shares » AIM Risers and Fallers » AIM round-up: Bowleven, CIP Merchant, Morses Club

London’s AIM Index has spent the entire day in negative territory and whilst there was a modest rally in the last hour of trade, at the close the index sat almost five points lower at 974.91.

  • Bowleven +90%
  • CIP Merchant +25%
  • Morses Club +9%
  • Clontarf Energy -21%
  • PCF Group -21%

Bowleven [LON:BLVN] topped the board on Tuesday, adding 90% by the close as the market gave a positive reaction to news that a joint venture partner was likely changing at a drill site in Cameroon. Management hope this will accelerate the final investment decision and subsequent payment of US$25m to the company, which even after today’s gains only has a market cap of around £15m.

CIP Merchant [LON:CIP] was the second biggest gainer, up 25% at the bell. Shares in the company are being delisted tomorrow after a cash offer was agreed in early May. The stock has been trading at a discount to the offer price and hopes of an arbitrage trade have likely bolstered sentiment. However future liquidity may make it challenging for those minority holders to exit.

A notable mention for Morses Club [LON:MCL], which added 9% today, taking gains over the last couple of weeks since a delay to the results was announced to more than 120%. Can the upward momentum now be maintained?

Clontarf Energy [LON:CLON] found itself at the foot of the board today, off some 21% and extending yesterday’s losses in the wake of that disappointing drilling update. The share price is now down 75% on the week.

PCF Group [LON:PCF] also struggled slipping nearly 21% by the close. That reflects the dilution following the issuance of new shares which were admitted to trading today. This morning’s note also reiterated the idea that a reverse takeover may be in the making, but this evidently did nothing to prop up the share price.

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This article is not investment advice. Investors should do their own research 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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