Having spent much of the day trending lower, the AIM index managed to recover from session lows as US markets opened for the session, although still ended a shade over 5 points down at 952.77.
- Hydrogen Group +38%
- I-Nexus Global +31%
- Phimedix -78%
- Kodal Minerals -27%
- Vela Technologies -14%
Hydrogen Group [LON:HYDG] umped higher at the opening bell with investors clearly encouraged by Tuesday morning’s release of interim results. As always, context is important here – the shares are just back to where they were trading in June – and there’s a cautious tone around the outlook, but a subsequent note advised of a bid by a consortium to take the company private, tendering 40p per share, which is now as good as fully priced in.
I-Nexus Global [LON:INX] was the second best performer of the day, adding 31% in the wake of a trading update. Cash burn has been reduced significantly, allowing the company to run at a break even P&L, and the sales pipeline shows £1.8m worth of annual recurring revenues. However, the company is struggling to find additional financing and expects a modest cash shortfall by the year end.
Phimedix [LON:PHM] tumbled by 78% during Tuesday’s trade. Final results had been issued, but the company has been trading as a cash shell since March. Failure to complete an acquisition in this time means that shares will be suspended from the end of the week. Should a reverse takeover not materialise in the next six months, the shares will then be delisted.
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Kodal Minerals [LON:KOD] is back on the list again, being Tuesday’s second largest faller. Shares are admittedly up around 100% from those late August lows, but down by a third from last week’s highs. Confidence in that MoU continues to wane, although will Elon Musk’s battery day provide any stimulus for lithium miners as a whole?
A notable mention for Vela Technologies [LON:VELA]. There are diverging signals over the actual closing price, but the stock again saw some very heavy trade during the session. This follows on from Monday’s 85% uptick, although there was news of one major investor selling down his holding.