Having managed to eek out some very modest gains on Friday, the AIM Index resumed its downward trend today, posting its biggest one day percentage fall since July, dropping more than 19 points by the bell to close at 1256.28.
- IGAS Energy +53%
- Arecor Therapeutics +30%
- Sourcebio -18%
- Haydale Graphene -18%
- Jet2 +4%
Igas Energy [LON:IGAS] was back on the agenda today, adding a further 53% following the announcement of a MoU for the roll out of a geothermal district heating product in Stoke on Trent. This is seen as a cornerstone of the UK government’s energy plans and critically, Igas noted that they were in discussions with other energy companies, too. Shares have now more than doubled since the start of last week.
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Arecor Therapeutics [LON:AREC} was the day’s second biggest rise, adding 30%. The company published an update this morning regarding clinical trial successes for an ultra-fast acting insulin. This is seen as a market disruptor, although further clinical trials and optimisation still need to follow.
Sourcebio [LON:SBI] was the day’s worst performer, dropping 18%. The company published a note this morning regarding changing COVID test restrictions for travel. Although the note attempts to paint an optimistic picture, the halcyon days for this industry may already be in the past.
Haydale Graphene [LON:HAYD] slipped 18% today following news of a fund raise. The downside reflects the dilution effect and there’s little guidance over what the money will do, with the note only stating that it will fund general working capital.
A notable mention for Jet2, [LON:JET2] whose shares soared 4% today. The company got a modest lift off the back of Friday’s UK government announcement over reform to COVID travel restrictions, but the real upside came off the back of the US dropping travel restrictions – even though Jet2 only have limited operations over the Atlantic, the read across was clear.