Inflation jitters continue to rattle sentiment in equity markets and the AIM index is no exception. We’re approaching the close a little off mid-session lows, but at the bell, the index is down 11 points at 1228.70.
- Hurricane Energy up 65%
- Galantas Gold up 29%
- Altitude Group down 16%
- Nostra Terra down 16%
- Tern PLC up 14%
Hurricane Energy LON:HUR surged to the top of the board today, adding 65% in the wake of news that a major shareholder had requested a general meeting to clear out the boardroom. Hurricane is currently trying to push through a restructuring that goes in front of the courts at the end of the week. Management have cautioned that failure to approve the plan will risk the business being wound down – a change at the helm arguably can’t give any worse an outcome.
Galantas Gold [LON:GAL] reached the bell on second place, up by 29% and adding to yesterday’s gains on the back of that well received private placement news. The admission of new equity is expected before the end of the week and it’s worth noting that today’s gains were concentrated in pre-market trade.
Altitude Group LON:ALT descended 16% but there’s no news to put behind the move. The company is coming close to issuing full year results having published a pre-close statement on April 8th, but order flow was thin and the stock was being quoted on a 5% spread. Given the run higher seen for the stock since the end of last year, this may be little more than profit taking.
Nostra Terra LON:NTOG also struggled, reaching the bell 16% lower. Usual caveats apply however, given the £3m market cap and the hulking wide spread – the bid/offer was quoted close to 30% late afternoon. Good news out of Tunisia could change the tempo here, but right now the sellers remain dominant.
A notable mention for Tern Plc LON:TERN which managed to recover a large part of yesterday’s losses, finding itself 14% higher at the close. The stock saw meaningful support after US markets opened and that shake out of the last few days merely seems to be presenting opportunity for some to top up. Volumes traded remained elevated, in line with recent activity.
