London’s AIM Index tacked on another few points during Tuesday’s session, reaching the closing bell almost five points higher at 1239.75, consolidating those early gains that the senior market failed to hang onto.
- Galantas Gold +36%
- Mkango Resources +34%
- Comptoir +19%
- Simec Atlantis Energy -27%
- Tern Plc -24%
Galantas Gold [LON:GAL] topped the board today, adding 37% helped along by news that a private placement had closed. This funding round had been scaled up late last month and the terms do seem to show a degree of confidence as to where the business can go from here. The shares finished at levels not seen in over 18 months.
Mkango Resources [LON:MKA] was the second biggest riser, adding 34% by the bell and extending the up-trend that kicked off at the start of the month after better than expected metallurgy results were released. There’s no new official statement out, but a tweet by the company from yesterday highlighted a rare earth minerals project being fast tracked in Malawi and that seems to be driving interest.
Simec Atlantis Energy LON:SAE was the day’s worst performer, off some 27% by 4.30pm. A majority shareholder has apparently had receivers appointed – something that it is looking to challenge – but this would see a third party taking a 43% stake in the business, presumably with the prospect of a fire sale of stock to match. As such, it follows that if the dispute can be resolved, then the share price may have the scope to snap back quite sharply as a result.
Tern PLC LON:TERN also languished today, reaching the bell some 24% lower. A general meeting was called yesterday and this paves the way for a discounted funding round which is rocking confidence in the stock. This is especially evident given its relatively brisk move up from under 9p at the start of April to 30p highs earlier this week.
A notable mention for Comptoir Group LON:COM again, which is no stranger to this note. Today the stock was 19% higher by the closing bell although it appears there has been some further volatility through the auction. Volumes were elevated today but there’s no fresh news out. The stock is sitting above pre-COVID levels, although was being quoted on a wide spread towards the end of the day. The imminent results may help provide a better valuation.
