London’s AIM Index jumped higher in early trade but gains proved difficult to sustain, with the market reaching the bell just over two and a half points lower at 1233.84.
- Immunodiagnostic System Holdings +47%
- Assetco + 30%
- W Resources -15%
- Mobile Tornado -12%
- Online Blockchain -6%
Immunodiagnostic Systems Holdings [LON:IDH] was the day’s biggest riser, adding 47% by the closing bell. There’s no formal new release although suggestions of stake building ahead of a potential bid does appear to be bolstering sentiment. The low number of trades behind the move today is worthy of note, but with a comparatively tight spread at the close, there’s perhaps little to suggest the move will be unsustainable.
Assetco LON:ASTO was the day’s second biggest riser by the bell on Monday, sitting some 30% ahead at our copy deadline. That appeared to be a case of extending Friday’s gains off the back of news that the company had agreed to acquire Saracen Fund Managers Ltd. A couple of the usual caveats here insofar as the closing spread was nearly 20% and volumes were very thin, but regardless the move certainly warrants note.
W Resources LON:WRES was the day’s worst performer, albeit with losses a relatively modest 15% at 4.30pm. The company announced a placing this morning and the slide lower reflects the discounted price offered for new stock. The pull-back frow lows late in the session perhaps offers a degree of support and the funds are being used in a bid to resolve access challenges it is facing at a mine in Spain.
Mobile Tornado LON:MBT had a rough ride, with the £13m market cap telecoms play ending some 12% lower. The downside here needs to be viewed in light of the 9% spread and very light volumes, but this extends the losing streak that the company has been running for the last three weeks. There’s no news, but the stock is now languishing close to 12 month lows.
A notable mention for Online Blockchain LON:OBC. Cryptos have had an incredibly volatile start to the week thanks to the tweets of Elon Musk, so perhaps what is most surprising here is the fact that despite Bitcoin having dropped the best part of 20% from Friday’s highs, OBC’s shares reached the closing bell less than 6% offside – and appear to have recovered further through the auction.
