The AIM index failed to make any real headway during Tuesday’s session, managing to advance less than two points by late afternoon before retreating and closing up just over one point higher at 956.65.
- Infrastructure India up 91%
- Nostra Terra up 25%
- ValiRx down 22%
- Ncondezi Energy down 18%
- Synairgen off 4%
Infrastructure India [LON:IIP] had a bumper day, with the share price more than doubling at one point before easing back into the close, an impressive 91% higher. This morning’s pre-close statement was well received, with the company noting it had cash reserves of £38m. Even after the day’s rally, the market cap is a mere £15m, whilst portfolio investments also appreciated off the back of a more favourable tax regime in India. Full year results will be published next month.
Nostra Terra [LON:NTOG] makes it back onto the list, having added 25% on Tuesday. That said the wide spread and low market cap are arguably explaining away most of the move with buys outweighing sells around 2:1.
ValiRx [LON:VAL] is again a notable casualty, off a further 22% as investors continue to pour cold water on Monday’s update. Shares are now trading at levels seen at the start of last week and around two thirds down from recent highs.
Ncondezi Energy [LON:NCCL] floundered after today’s half year report. One outstanding point here was the fact that the company has less than US$600,000 in the bank, around $1m less than a year ago and funding is only assured to Q4 – which of course starts on Thursday. There are strong indications of debt support but a cash call presumably cannot be ruled out.
A notable mention for Synairgen [LON:SNG], the market hero of the summer. The company published interim results this morning, alongside news of a managed access program for its beta COVID-19 therapy. Shares started the day notably higher but sentiment was clearly difficult to sustain, leaving the stock languishing 4% lower by the close.