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AIM round-up: Creo Medical, Catenae Innovation, Naked Wines

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London’s AIM index managed to hold above the 1,100 level throughout Wednesday’s session, but downside pressure resumed today. By the bell the market had lost around five and a half points to close at 1090.93.

  • Creo Medical +30%
  • Catenae Innovation +25%
  • Spaceandpeople -33%
  • Virgin Wines -22%
  • Naked Wines -9%

Creo Medical [LON:CREO] was the day’s best performer, adding 30% by 4.30pm. A trading update published this morning underlined that performance had been in line with expectations and that the company was seeing an uptick in activity post-COVID as elective surgical procedures resume. The stock has however had a rough ride of late, so today’s gains only move valuations back to pre-Christmas levels.

Catenae Innovation [LON:CTEA] also fared well, adding 25% on the day but this £1m micro-cap was trading on an 11% spread by the close. Again the stock has been under pressure of late so these gains only serve to recover losses from the last week or so. There’s no news out, but with the company involved in some cutting edge projects, the stock arguably has significant upside potential should even just a single, lucrative contract be signed.

Spaceandpeople [LON:SAL] was the day’s worst performer, dropping 33%. There’s no news here and results aren’t due for some time, but it was a brisk day of trade with a significantly higher than average number of shares changing hands.

Virgin Wines [LON:VINO] was the day’s second biggest casualty, slumping 22%. Again a trading statement released this morning seems to be driving sentiment here. The company is facing some headwinds but only expects profits for the full year to be slightly below expectations, which does seem to call into question whether the £20m collapse in the company’s valuation risks looking overblown. Again to offer an illustration here, pre-Christmas sales took a hit – but only of an estimated £800k – as the company was obliged to close off its festive orders a couple of days early.

A notable mention for Naked Wines [LON:WINE], which slipped 9% on the day, with read-across from those Virgin Wine numbers dragging here. Again once the dust settles, there may be a need to review the discounting, although the cost of living squeeze plus next year’s reform to UK taxation on alcohol – which is set to make most wines more expensive – may also risk spooking investors.

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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