London’s AIM Index spent the week’s maiden session in and out of positive territory but managed to reach the closing bell just over one point ahead at 1238.43.
- Feedback Plc +37%
- Touchstone Exploration +28%
- Light Science Technologies +10%
- Galileo Resources -19%
- Argos Resources -18%
Feedback Plc [LON:FDBK] was the day’s best performer, adding 37% by the bell. Trade was thin and one-way, which left the stock being quoted on a spread of almost 10% at the close, but the strong response seen off the back of last week’s placing seems to underline the confidence as to where this company could go.
Touchstone Exploration [LON:TXP] also fared well, adding 28% at 4.30pm after the company provided a positive drilling update this morning. This confirmed that oil had been found and adds to confidence over future drilling projects the company has planned in the same region, with the news being supported by positive sentiments from management.
A notable mention for Light Science Technologies [LON:LST] which added 18% today, having evidently inspired investors off the back of an update this morning. A contract with Zenith Nurseries which got underway today and is set to be worth as much as £13m had already been disclosed in the IPO document, but news of a £500,000+ order for its Circuits and Electronics business from Rentokil has added 10% to the order book and bolstered confidence.
Galileo Resources [LON:GLR] slipped 19% today off the back of a drilling update from the Kalahari copper belt. Clearly investors had been hoping for something more tangible than management had posted today, with shares returning to levels last seen before the sale and success payment structure was announced back in mid-September.
Argos Resources [LON:ARG] also struggled, slipping 18% by the close, although very lumpy trade seems to have been behind the move. The company has a market cap of just £2m and the quoted spread was well in excess of the loss. Nothing to see here – at least not yet, anyway.