London’s AIM Index has traded in a very narrow channel today, but reached the closing bell just a shade higher, up less than a point at 1028.15.
- E-Therapeutics +19%
- Reabold Resources +15%
- 88Energy +14%
- Music Magpie -48%
- GCM Resources -35%
E-Therapeutics LON:ETX was the day’s biggest riser, but gains were limited to a comparatively modest 19% by 4.30pm. Whilst the stock did see some modestly elevated levels of activity on the day, volumes were below recent highs and a lack of liquidity means that the spread is accounting for much of the uptick. There was no news, but the share price has seen steady downside pressure over the last couple of weeks.
Reabold Resources LON:RBD also found some upside today, although again this was a mere 15%. The share price has seen some heightened activity in recent days off the back of an investor update however so taking a step back, today really only takes the stock back to levels seen just before the weekend break.
A notable mention for 88Energy [LON:88E], whose shares added 14% by the bell. A positive update over drilling plans in Alaska yesterday helped lend support to the stock, which has now crept a little higher still, taking total gains over the week to almost 50%. Again, volumes were moderately higher than recent averages but a spread of almost 2% on a £500m company does suggest there may be a lack of stock in circulation.
At the other end of the board, Music Magpie LON:MMAG was the biggest casualty, dropping 48% by the close. This morning’s full year results were broadly upbeat but investors appear to have latched onto the point that revenues fell year on year, although this was in line with management expectations and still shows a 10% uptick on 2019 figures.
GCM Resources LON:GCM also struggled, giving up 35% on the day. Shares rallied hard this morning before news of a heavily discounted placing was released to the market shortly before the bell. Some investors are likely to be put out by the timing of this, although shares still remain around nine month highs.
