A slightly earlier round up today and London’s AIM market spent Thursday drifting lower, with the index sitting at 1250.84 – some five and a half points offside – by 4pm.
- Cyanconnode Holdings +40%
- Mediazest +36%
- Tanfield Group -16%
- Plutus Powergen -15%
- Jet2 -6%
Shares in Cyanconnode Holdings [LON:CYAN] had jumped 40% by 4pm today after the narrowband radio frequency networks provider announced a heavily oversubscribed share placing this morning, at a modest premium to last night’s closing price. The funds are earmarked for various uses, including allowing it to execute against the growing order book and pipeline the company now has in place.
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Mediazest [LON:MDZ] makes not infrequent appearances on our list and today was the second biggest gainer by the time of our cut. Usual caveats apply when there’s a 14% spread and a £2m market cap involved, and as we saw back in March, the share price also seems to struggle to consolidate gains (which were arguably overdone given the size of the contract win that initiated the rally). Unless this move is the precursor to a news release, gains could be fleeting.
Tanfield Group [LON:TAN] was the day’s biggest faller by 4pm, but it’s difficult to say much here given the achingly wide spread that is being quoted. Even the 16% decline today sits well inside that and again with just a £3m market cap, there’s not much to read into this.
Plutus Powergen [LON:PPG] dropped 15% but again it’s a case of a wide spread, tiny market cap and the stock simply giving back the gains it picked up on Monday. Seems as if there’s nothing to see here.
A notable mention for Jet2 [LON:JET2], the airline and holiday company, which saw its shares descent 6%. Despite media speculation to the contrary, the UK government has reportedly further curtailed the list of overseas holiday destinations on offer, with Portugal moving into the amber category and no new additions being made to that green list. This will likely see Jet2 cancelling swathes of holidays as the company hopes for a more positive reassessment in the next update that should be seen towards the end of June.