London’s AIM Index has slumped into the start of the week, shedding just under three points during Monday’s trade and lagging its main board rivals, to reach the bell at 1179.65.
- Cornish Metals +25%
- Kefi Gold +19%
- Conroy Gold +11%
- Touchstone Exploration -17%
- Beowulf Mining -17%
Cornish Metals [LON: CUSN] topped the board up 25%, with gains emerging following the opening of trade in Canada this afternoon. There’s no firm news out to justify the rally – a modest dilution this morning went unnoticed.
Kefi Gold [LON: KEFI] also fared well, adding 19% on the day. Shares have been under sustained pressure in recent months owing to the deteriorating geopolitical situation in Ethiopia, but a note issued by the company this morning hinted that security matters were improving. An update on mining operations in Saudi Arabia later this month has also been promised.
A notable mention for Conroy Gold [LON: CGNR], whose shares tacked on another 11% today in the wake of an EGM being called. This was mooted off the bac of last week’s JV announcement which also served to bolster the stock, with the share price having now added almost 50% over the last week amidst some optimism that a re-rate could now be underway.
Touchstone Exploration [LON: TXP] was Monday’s biggest faller, off 17% by the bell. The company issued a further update on its drilling operations today, which whilst positive didn’t quite have the allure of a note published at the start of the month. As a result shares gave back those recent gains.
Shares in Beowulf Mining [LON: BEM] have been on a tear since the start of last week following the results release and positive comments over expanding mining operations in Sweden. Today’s close on 17% slide left the stock as the session’s second worst performer, after a signing of a JV head of terms appeared to act as a catalyst for profit taking. It’s difficult to suggest there’s anything in today’s news that turns the dial, more that those who rode the 50% rally higher are now just cashing out.
