London’s AIM Index has managed to keep its head above water throughout the session, reaching the bell almost four and a half points higher at 1246.11.
- Charles Stanley Group +43%
- Sound Energy +40%
- Corcel +18%
- Salt Lake Potash -53%
- AIQ -24%
Charles Stanley Group [LON:CAY] has topped the AIM Market on Thursday, adding 43% in the wake of news that the investment manager has struck a deal to be bought out by US-based Raymond James for £279m. The uplift reflects the bid premium and if approved by shareholders would mark the end of the independent’s almost 230 year run.
Sound Energy LON:SOU also fared well today, adding 40% by the bell. An update released before the bell highlighted a new 10 year take or pay agreement with a local distributor, a £2m placing with the same distributor and improved loan terms. Sound has had a rough ride in recent months following an ongoing dispute with the Moroccan tax authorities so today’s positive news is unsurprisingly being welcomed.
A notable mention for Corcel LON:CRCL where a research update has bolstered confidence amongst investors. The stock rose 18% on the day, although trade volume has been limited and the spread accounts for almost half of the gains.
Salt Lake Potash [LON:SO4] was the day’s worst performer, slumping some 53% as investors digested the latest update from the company. This included guidance that the high-grade SOP potash production in the coming financial year will be reduced by as much as half and there’s no guidance beyond this. The news was sufficient for the stock’s listing to be resumed, although it remains suspended on ASX.
E-commerce portfolio play AIQ LON:AIQ had a rough session, dropping some 24% although the drivers behind the move remain somewhat elusive, with no news having been released since last month’s strategic review. With a market cap of just £5m and a spread of over 60% being quoted, this looks like nothing more than a pricing adjustment by market makers.
That’s it for the AIM round-up for now. We will be back in mid-August after a much-needed break.
