London’s AIM Index has spent the day underwater, although the more significant losses seen ahead of the US open were at least in part recovered by the closing bell, by which time the market was around five points lower at 1090.07
- Empire Metal +26%
- Joules Group +21%
- 88 Energy -13%
- Omega Diagnostics -26%
- Mysale -18%
Empire Metals LON:EEE topped the board, advancing 26% by the bell. This is a minnow of a miner, with a market cap of just £4m and the stock notably failed to react to what looked like a positive news release earlier in the week. Volumes traded during the day certainly appeared elevated, but the key question is can the gains prove sustainable?
The second biggest riser was Joules Group LON:JOUL, which tacked on a further 21% today. The company’s share price took a hammering at the start of the month off the back of a trading update, but found favour following Tuesday’s interims and continues to grind its way higher. Whilst some re-rating was perhaps warranted, that initial sell off continues to look overdone.
A notable mention for 88 Energy [LON:88E] which found itself towards the foot of the table, despite this morning’s positive news that drilling permits had been granted. The company used this as an opportunity to announce another funding round and that appears to have triggered a degree of opportunist profit taking, but that already looks to have worked through and the price is off session lows, albeit still down 13% on the day.
Omega Diagnostics LON:ODX was the day’s worst performer, falling 26% after the company confirmed online speculation that a discounted fundraise was being considered. Management have however conceded that such a move would require other corporate actions to be pursued, so there’s no certainty this will happen. Shares traded down to lows not seen in almost two years as a result.
MySale [LON:MYSL] is back on the list for the second time this week, with shares giving up a further 18% on the day. Once again there’s no news and trading was very lumpy illustrating a lack of liquidity – and buyers – leaving the stock sitting on a 14% spread at the close.
