After a lacklustre start, London’s AIM Index managed to reverse the bulk of the day’s losses to finish down just one point at 1210.53
- Cadence Minerals +35%
- Reneuron +22%
- ASOS -12%
- Longboat Energy -11%
- Braveheart Investments -5%
Cadence Minerals [LON:KDNC] was the day’s best performer at 4.30pm. Shares jumped 35% off the back of news that bank creditors had approved funding for a lapsed iron ore project that is seen as having significant potential. Today’s move however only makes a relatively small impression on the losses accrued in recent months.
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Reneuron Group [LON:RENE] – a global leader in the development of exosome therapeutics – also fared well, adding 22% by the bell. The company has announced positive proof of concept data in terms of drug delivery. This appears to be a very early stage development but one that could have significant potential, underscored by today’s exaggerated trade volumes.
ASOS [LON:ASC] was that day’s worst performer, dropping 12% off the back of pre-market announcements. Cautioning that profits would be squeezed, the CEO has stepped down and a search for a replacement is underway – and that’s despite an incredibly upbeat view in terms of how much growth could be delivered in the years ahead.
Longboat Energy [LON:LBE] also slipped on the day, declining 11% despite the release of positive drilling results this morning. The market cheered results from the company just a couple of weeks ago, so today’s about turn seems to be opportunistic profit taking. Whether the decline is sufficient to encourage bargain hunters to move in remains to be seen.
A notable mention for Braveheart Investments [LON:BRH] whose shares slid 5% today as investors responded to news that the company had made a significant investment – worth around £800,000 – into Autins at the end of last week. The loss-making auto engineering firm has however seen its share price supported by the news, albeit in thin trading and on the assumption that Braveheart’s decision to increase its holding will be supported by confidence in the business going forward.