London’s AIM Index has been rattled as the new trading week gets underway shedding 53 points amidst fears of a market shock over the prospect of Russia invading Ukraine adding to an already jittery mindset as central banks attempt to normalise monetary policy.
The index has posted its biggest one day percentage fall since the start of the COVID pandemic and at 1,078 now sits just 30 points above bear market territory. This is also the first time the index has traded below 1100 since December 2020.
- GYG Plc +14%
- Amur Minerals +12%
- Advance Energy -63%
- Tomco Energy -22%
- MyHealthChecked -7%
GYG Plc [LON:GYG] was the day’s best performer, adding 14%. The company announced this morning that it was restarting work at the Nobiskrug shipyard, where it had been forced to suspend work nine months ago as a result of unpaid invoices. There’s still a lot more detail to come here but investors were keen to applaud the news.
Amur Minerals [LON:AMC] also fared well today, adding 12% although that was also about the size of the spread, underlining a second day of active trade but without any formal news. There are some indications of stake building so a TR-1 could be issued soon, although with operations in Russia, there’s a risk gains here could yet come unstuck.
Advance Energy [LON:ADV] was the day’s worst performer, off 63% by the bell. Having seen some bad news over drilling last week, another disappointing update today heaped on downside pressure. The stock has lost 95% of its value over the last week, although management note the company remains funded for the near term and continues to seek new opportunites.
Tomco Energy [LON:TOM] found itself in second to last place today, off by 22% in the wake of a discounted cap raise. The shares retreated to 0.5p, which was however in line with the offer price, suggesting at least some investors still see long term value.
A notable mention for MyHealthChecked [LON:MHC], whose shares reached the bell some 7% lower. The company increased profit guidance for the full year again this morning, but was then greeted with the news that travel testing on arrival into the UK will no longer be necessary. Despite the company having plans that reach well beyond COVID diagnostics, the stock was still dragged lower with the general market malaise.
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