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AIM round-up: Hurricane Energy, Concepta, ITM Power


The proverbial champagne corks may be popping on Wall Street after the DOW breached 30,000 on Tuesday, but the AIM index put in a rare down day – only the third this month. Despite a promising start, London’s junior market closed just over three points lower at 1031.76.

  • Hurricane Energy up 39%
  • Concepta up 32%
  • Tanfield down 21%
  • Reneuron down 18%
  • Honourable mention ITM Power down 4%

Hurricane Energy LON:HUR had a barnstorming session, with shares adding 39% by the close. Oil prices are surging and this is helping several in the sector, but there’s nothing to explain why the company is proving to be a stand out. A legacy story – with a negative slant – did appear in the Scottish media today, but again it’s difficult to see this as a driver.

Concepta [LON:CPT] saw recent gains accelerate through Tuesday’s session with the shares closing up 32% at levels not seen in almost exactly a year. Yesterday the company announced news of the acquisition of a home genetic-testing operation and with the story making it into the mainstream today, interest in the stock remains buoyant. Volumes were significantly higher than usual, although the quote spread at the close was admittedly in excess of 20%.

At the foot of the board it’s a semi-regular appearance from Tanfield Group LON:TAN, but there appears to be nothing behind the move. A series of sell orders, an absence of buyers and an eye-popping 50%+ spread at the close left the stock down 21%.

Reneuron LON:RENE slipped 18% today, but given the discounted new £15m placing, that would be sufficient to explain the move. Interim results were also published and despite the enthusiasm of new investors, these lead with news that the funding round only provides 18 months’ worth of runway. Hopes are clearly high over what their cell therapy candidate may yield.

A notable mention for ITM Power LON:ITM, one of the largest cap companies on AIM. Shares briefly touched an all-time high just above the £4 mark today, before reversing to finish the session 4% lower. Shares have been advancing well – they started the year below £1 – with last week’s green initiative announcement by the PM providing another shot in the arm. The company manufactures integrated hydrogen energy solutions – a fuel which is seen as still being a long way from achieving its full potential to reduce carbon emissions.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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