After yesterday’s dismal start to the week, equities fared slightly better on Tuesday although gains for the AIM Market – which reached the bell just under six points higher at 1260.90 – remained measured when compared to other European indices.
- Falcon Oil and Gas +18%
- Kistos +13%
- Igas Energy -27%
- Real Good Food -16%
- Good Energy -11%
Falcon Oil and Gas [LON:FOG] found itself at the top of the board, adding some 18% by the bell. Energy stocks are clearly in focus given the rampant price increases which are being seen right now, although arguably they’re going to be left susceptible when a reversion does kick in.
Kistos LON:KIST was the day’s second biggest riser, up 13% at the bell. The company owns a number of drilling licenses across the Netherlands and shares have been marching higher – trebling their value – since its admission onto AIM some 10 months ago. As energy prices continue to gain, there may be cause to sustain the upside.
Igas Energy LON:IGAS was the day’s biggest faller, off some 27% as the stock unwound most of yesterday’s gains. There’s no fresh news out here but evidently a degree of profit taking off the recent stratospheric rally is being seen.
Real Good Food LON:RGD made it back onto the list as the day’s second worst performer. Shares fell 16% off the back of this morning’s full year results, although this is only a £3m market cap company and the closing spread was in excess of 10%. With only very thin trade here, it’s difficult to read too much into this when trading was in line with management expectations.
A notable mention for Good Energy LON:GOOD which has been on the receiving end of a hostile takeover bid for some time. The stock slumped 11% today, with concern mounting that more energy firms may soon fail as a result of recent wholesale price hikes. There’s no suggestion that either Good Energy or its suitor Ecotricity are at risk, but clearly this has the ability to rerate the sector as a whole.
