London’s AIM Index managed to tack on some further modest gains on Wednesday in a somewhat steadier fashion than was seen on the main board. The junior market finished more than four points higher at 1276.73.
- Kropz +38%
- Oilex +27%
- MediaZest +26%
- Challenger Energy -23%
- Empire Metals -15%
Kropz [LON:KRPZ] was the day’s best performer with the phosphate producer adding some 38% by the bell. Upside here is to an extent mitigated by thin trading and the fact it’s quoted on a 20% spread. Concern was also mooted earlier in the summer over the company’s ability to progress with a new mining project without having to raise fresh capital, but high fertilizer prices could be lending some support here.
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Oilex [LON:OEX] was the day’s second best performer, adding 27% by the bell. There’s no confirmed news here but the stock has been subject to some significant levels of buying over the session, reversing declines of the last six weeks. The dual listing in Australia will be closely followed later tonight.
A notable mention for MediaZest [LON:MDZ] which had another good day, adding a further 26%. We’ve heard nothing more from the company since yesterday’s trading update but it seems to have been sufficient to offer confidence ahead of the September 30th year end.
Challenger Energy [LON:CEG] dropped 23% in the wake of an update on a drill project. Despite the news being something of a mixed bag – progress at higher levels, lower levels finding structural problems – investors have taken the bore hole half empty approach, selling the shares down again hard. This is the latest slump in price and with the stock having traded above 20p earlier in the year, it now sits at just 1.3p.
Empire Metals [LON:EEE] also struggled, dropping 15% by the bell. Again a pre-market update has driven sentiment here, with investors clearly hoping for more. Management may be exuding confidence as to what’s down there, but today’s news seems to have pushed back the timing of any returns.