A little earlier than usual with our daily note, London’s AIM Index was trading up three points this lunchtime at 1061.29.
- Empire Metals +29%
- Argos Resources +18%
- RWS Holdings +13%
- Gear4music -29%
- Jangada Mines -26%
Empire Metals LON:EEE topped the board, adding 29% by late morning. There’s no specific news out but earlier in the month the company completed the acquisition of some highly prospective Copper/Gold projects in Australia. Trade volumes have however been elevated, so the obvious question is could good news be incoming?
Argos Resources LON:ARG also had a good morning, adding 18%. Again however trade has been lumpy and the stock is currently quoted on a spread of 20%. There seems to be growing confidence that oil exploration in the Falklands Basin is heading in the right direction and Argos appears to be riding this wave.
RWS Holdings LON:RWS gets the notable mention, having advanced 13% on the morning. Barings have confirmed that one of its funds is exploring a possible buy out of the business. With the shares trading around multi-year lows and an environment of higher interest rates likely to bolster sentiment here, this could be an interesting play to watch.
Gear4music LON:G4M is the morning’s worst performer, sitting some 29% lower at copy time. A trading update published this morning flagged weaker than expected consumer demand over the last couple of months and this is set to weigh on full year earnings. The stock has had a true shake out since printing highs of £10 last summer, but management remain convinced that the longer term prospects are positive.
Jaganda Mines LON:JAN also struggled during the morning, off 26%. A technical report released this morning showed a downward revision on the IRR of a project, but also reflects a shift to capture Titanium Dioxide, where the company sees strong demand in the future. The losses have reversed gains posted over the last month.
