London’s AIM index continues its gradual retreat, shedding another two points on Thursday to close at 1271.15. That’s the eighth consecutive down day and the last time I can see this having happened appears to be back in 2014.
- Galileo Resources +32%
- IGAS Energy +26%
- Sabien Technology Group -17%
- Clinigen Group -15%
- Good Energy +18%
Galileo Resources [LON:GLR] saw its shares add 32% today off the back of an update on the sale of its Kalahari Copper Belt licenses. The cash and shares deal clearly has a material impact on the company which this morning was valued at not much more than £11m.
IGAS Energy [LON:IGAS] saw its shares push towards the top of the leader board today, adding some 26% by the bell. The company this morning announced that it had reached a Heads of Terms agreement to repurpose onshore oil and gas assets for geothermal energy. This is an innovative solution which tackles two problems at the same time – and really ought to be applauded.
Sabien Technology Group [LON:SNG] slipped 17% off the back of an investment update. Shares had been in favour yesterday off the back of that sales agreement however so the reversion is arguably profit taking rather than being driven by today’s news.
Full year results from Clinigen Group [LON:CLIN] saw the share price slide 15%. Shares had been in favour since the start of the month, but today’s full year results clearly fell short of expectations, leaving shares to unwind gains of the last few weeks.
A notable mention for Good Energy [LON:GOOD] which added 18% today. The company remains the subject of a hostile takeover bid from Ecotricity which has now upped its offer to 400p per share and despite the target company pushing back quite hard, sentiment may be turning.