It was another down day for London’s junior market, although again it managed to outperform the senior board, losing just over 11 points to reach the bell at 1028.97.
- FD Technologies +26%
- Jersey Oil & Gas +20%
- Essensys -49%
- Eurasia Mining -33%
- Petroneft -29%
FD Technologies [LON:FDP] surged to the top of the board today, adding 28% by the bell in the wake of news that it had signed a partnership agreement with Microsoft. There’s no detail over deal size in the note issued this morning. But FD’s platform will be tightly integrated within Microsoft’s intelligent cloud ecosystem.
Jersey Oil & Gas [LON:JOG] was the day’s second biggest riser, tacking on 20% by 4.30pm. There’s no news here but with the rising price of oil and investors looking for options that steer well clear of Russia, this stock seems to be finding favour.
Essensys [LON:ESYS] was the day’s worst performer, off 49% by the bell. A trading update from the software company this morning flagged that COVID had impacted sales and as such was acting as a drag on current performance, with investors evidently showing little interest in the fact that the longer term pipeline remains robust.
Eurasia Mining [LON:EUA] was the second worst performer, off 33% on the day. The widening reach of sanctions and the consequent inability for companies with Russian operations to trade in the global market seems to be taking a toll here, leaving the stock under pressure and sitting on a notably exaggerated spread of 15% at the close.
A notable mention for Petroneft [LON:PTR], which slipped a further 29% during the day, taking losses since the start of last week to well over 60%. Like many companies operating in the Russian Federation, it’s going to find it increasingly difficult to do business on the global stage with those counterparties who are willing to trade likely to exploit the position, but with Moscow showing no signs of relenting on its assault into Ukraine, downside pressures are likely to persist.
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