London’s AIM Index managed to make some progress during Wednesday’s session as global fears over the latest COIVD variant abated somewhat, although the junior market lagged the main board, trading just over nine points higher by 4.30pm at 1196.82.
- Conway Gold + 32%
- Sound Energy +28%
- Cornish Metals +26%
- Abington Health -29%
- Venture Life -27%
Conroy Gold [LON: CGNR] topped the board, up 32% in the wake of a JV announcement which was published after the bell last night. An EGM needs to be convened to approve the deal, but evidently there’s a degree of optimism over what happens next.
Sound Energy [LON: SOU] landed in second place by the bell, up 28%. A LNG sale and purchase agreement update was issued this morning, adding to Tuesday’s positive news and driving the stock to four month highs. However, we’ve seen short-lived spikes on this stock before so sustaining the gains will be the real test.
A notable mention for Cornish Metals [LON: CUSN], which tacked on 26% today. The start of trade in Canada where the stock has a dual listing precipitated the move in what was otherwise a subdued session, but this has pushed shares to fresh all time highs. The company did however receive some key funding last week – this may simply be delayed pickup of that news.
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Abingdon Health [LON: ABDX] was the day’s biggest faller, off 29% at the bell although this came on the back of fundraising news and still left the shares trading marginally ahead of the offered price. There’s evident market opportunity here for the company, both in terms of its COVID diagnostics and for testing against other conditions.
A trading update for Venture Life [LON: VLG] this morning knocked the share price back some 27% on the day. Whilst revenue growth is being seen, there are a number of constraints mentioned in the note, along with uncertainty over the full year performance and a boardroom shakeup. As a result, confidence seems to be ebbing amongst investors and the gains which arose off the back of that last quarterly update are falling away fast.