London’s AIM index enjoyed a bumper session, helped in part by that BoE decision to leave interest rates unchanged, reaching the bell more than eight points ahead at 1234.98
- KCR Residential +17%
- Mkango Resources +17%
- Purplebricks -36%
- Alien Metals -19%
- Valirx -10%
KCR Residential LON:KCR added 17%. This is a complicated one to dissect as the share price has fallen sharply over the last week and the company closed on a spread far wider than the day’s gain. Difficult to read too much into this, beyond maybe some bargain hunting after that sell off.
Mkango Resources [LON:MKA] advanced 17% by the bell, with the share price pushing out to all time highs today. The company published an update yesterday on expanding its exposure to a rare earth recycler and given the shortage of supply combined with demand from electric vehicles, this could prove to be a lucrative move. Those who bought in just 20 months ago are already sitting on a 10x return.
A half year trading update from Purplebricks LON:PURP sent the online estate agents to the foot of the table today, reaching the closing bell some 36% offside. The company notes that a shortage of supply is throttling the market and that EBITDA is expected to be below the full year guidance.
A proposed placing saw LON:UFO slip in Thursday’s trade, too. The placing represents a 21.3% discount however so the sell off – at 19% – is arguably measured, with the proceeds being used for a number of projects outlined in the filing.
Valirx LON:VAL, which we flagged this week receives the notable mention as shares slid a further 10% by the bell on Thursday. The unfavourable investor response to that licensing update continues to linger, although the stock remains significantly above the levels seen through the summer.
