London’s AIM index faced a bruising start to the week, shedding 21 points across the session to reach the closing bell down at 1263.75. Suggestions of a commodities super cycle are battling with concerns that the market is overheating.
- Kodal Minerals +33%
- Crossword Cybersecurity +29%
- Hurricane Energy -32%
- Braveheart Investments -22%
- ITM Power -16%
Topping the board was Kodal Minerals [LON:KOD] which found itself 33% ahead at the bell. An update for a lithium project in Mali indicates that the company now expects to be awarded an exploration license, allowing the stock to continue plotting an upward trend.
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Crossword Cybersecurity [LON:CCS] also had a good day, ending some 29% ahead although there’s no reportable news here. The company is comparatively small and was showing a 7% spread, so even though volumes weren’t that significant the sheer demand for the available stock evidently lifted prices. The shares are now up 50% but remain meaningfully below their 2019 highs.
Hurricane Energy [LON:HUR] was the day’s worst performer, shedding 32% and extending Friday’s losses off that proposed financial restructuring. Shares have now lost in excess of two thirds of their value from last week – the financial engineering that has been laid out may be necessary for continued operations but equity investors are evidently on the losing side of this trade. Volumes weren’t as brisk as we saw going into the weekend break, but a quarter of all shares issued are reported to have changed hands over the last two trading days.
Braveheart Investments [LON:BRH] published an update today regarding portfolio company Parytec and the progress it is making with its rapid COVID-19 test that can detect even very low viral loads. The big challenge here is the fact it will take at least six months to get this to market, but given the devastating effect COVID continues to have in some corners of the globe, and the consequent risk of viral mutation, sadly this could be around for some time yet.
A notable mention for ITM Power [LON:ITM], whose shares were trading 16% lower by the bell. This morning the company announced it was splitting off its refuelling business but it seems it’s general malaise across the green energy sector – with the likes of Ceres and AFC both taking a beating – that has been the biggest drag here.