London’s AIM Index has managed to post another day of gains despite a relatively quiet market. The index closed up more than six points at 1272.38
- GCM Resources +24%
- Open Orphan +17%
- MediaZest +12%
- Robinson -17%
- Tintra plc -9%
GCM Resources [LON:GCM] saw some meaningful gains during Tuesday’s session with shares rising 24% by the bell. This does however only serve to reverse losses incurred since the start of the summer and the fact this investment hangs off a coal mine and accompanying power plant does jar somewhat with the current drive for cleaner energy. The rally is notable but the stock is quoted on a 12% spread and sustaining gains from here could prove challenging.
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Open Orphan [LON:ORPH] also had a good day, with the stock adding 17% in the wake of news it had won an £8m contract to conduct Asthma therapy trials. The stock has however been under pressure since the spring after it tested all time highs, so the rebound will be welcomed by longer term investors.
A notable mention for MediaZest [LON:MDZ] whoissued a trading update this morning, flagging that the company had fared well during the second half of the year. The business has a valuation of around £1m and is typically quoted on a punchy spread but has been on our agenda a number of times in recent months. Shares finished up 12%.
Plastics and paperboard packaging firm Robinson [LON:RBN] took another tumble today, shedding 17% and finishing at the foot of the board. There’s no news out to support the drop but the last marked shift lower – and accompanying uptick in trading volumes – followed June’s trading statement. One to watch.
Tintra plc [LON:TNT] dropped 9%, but this is another thinly traded small cap, which is also hampered by a wide spread, making it difficult to read too much into this. Until the start of the month, the company was known as St James House and yesterday’s news of a PDMR purchase seems to have been taken as a signal by someone to book profits.