Despite an enthusiastic start, gains on London’s AIM Index soon faltered, although the junior market did manage to reach Monday’s bell almost two points higher at 1268.72
- Elixirr International +29%
- Saietta Group +22%
- GCM Resources +20%
- Bion -40%
- Ethernity Networks -31%
Elixirr International LON:ELIX has topped the board today, adding 29% by the bell. Interim results published this morning impressed on all key metrics and combined with a strong pipeline saw the board make a second upgrade to expectations for the full year.
Saietta Group LON:SED added 22% off the back of its first operational update since being admitted to AIM in the summer. The company builds low cost motors for electric vehicles and has signed an agreement to be the exclusive provider of in-wheel motors with another firm. Electric vehicles are clearly of the moment, both amidst concern over pollution and also with the current fuel supply issues. However lumpy trade has also been observed today – will these gains be sustained?
GCM Resources LON:GCM is also looking notable with gains of 20%. The company’s stock has been pressured by an understanding that the Chinese government will no longer fund coal fired power stations overseas, but today GCM has committed to completing a project like this in Bangladesh. That’s offered a shot in the arm, but with a 16% spread to take into account here, there’s arguably not that much upside – any further funding may be costly.
Environmental engineering firm Bion LON:BION has been left languishing today, off some 40% after the company advised that owing to COVID delays, it wouldn’t be able to publish audited accounts for last year by the end of this month. That means shares will be suspended from Friday morning and investors have been showing little enthusiasm for the stock as a result.
Ethernity Networks LON:ENET slipped 31% by the bell, although that coincides with the announcement of a deeply discounted placing. The company’s work in 5G is clearly timely and the money allows the business to undertake a growing number of engagements in the space, although shareholders hoping for a quick return off the successful trials news of just 10 days ago are evidently going to be disappointed.
