London’s AIM Index has succeeded in outperforming the main board on Monday, tacking on almost seven points to reach the closing bell at 1036.93.
- Infrastructure India +43%
- Proton Motors +32%
- ITM Power +18%
- Made Tech -46%
- Eurasia Mining -30%
Infrastructure India [LON:IIP] was the day’s biggest gainer, adding 43% by the bell. Shares in the company jumped off the back of news it was set to make a series of asset disposals, although last month it was left to caution investors that it was set to run out of funds. Today’s move helps recoup the recent losses accrued by the stock but with today’s news still being conditional, this remains a challenging play.
Proton Motors [LON:PPS] was the day’s second biggest riser, adding 32% in a buoyant day of trade. The alternative energy sector is certainly finding favour as the spike in fossil fuel prices, the need to reduce emissions and obviously the glaring point over energy security all come into focus at the same time. It is however worth noting again that Proton has had a poor start to the year, so longer term investors likely have less to cheer here.
More of the same with ITM Power [LON:ITM] getting the notable mention today. Again the company’s stock has been under pressure having traded close to 700p at the start of last year, but today’s 18% gains take the rally since late last week to an impressive 50%. Can momentum across the sector be sustained however without news of policy change or government support?
At the other end of the table, it’s Made Tech [LON:MTEC] which is the day’s laggard. Despite an upbeat set of interims – which were admittedly caveated with a comment about an expected modest financial impact at the end of the coming year – and news of a new NHS contract win, shares slipped a further 46%, to trade at around one third of the IPO price from last year.
Eurasia Mining [LON:EUA] also struggled, off 30% at the close. The stock bounced at the end of last week, but opened sharply lower this morning amidst uncertainty over the resource company’s position in light of the sustained Russian invasion of Ukraine. With this situation showing no signs of a quick resolution, investors could be left in limbo for a while longer yet.
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