London’s AIM Index had a punishing start to the week, shedding more than 28 points by the bell to sit at 922.79. That’s the lowest close in almost two years.
- Lexington Gold +16%
- Scirocco Energy +12%
- N4 Pharma +10%
- Devolver Digital -47%
- Tekmar Group -32%
Lexington Gold LON:LEX was the day’s biggest riser but upside was a rather muted 16% despite what the company heralded as exceptional assay results from a US drilling program. Given the broader market headwinds, could further support emerge here in the coming days?
Scirocco Energy LON:SCIR was in second place, advancing 12% with news of a $16m divestment. Trade was limited and the stock sits on a wide spread, but given the market cap is a mere £4m – so $5m in round numbers – the question has to be if the scale of the deal has been properly accounted for despite the exaggerated volumes posted during the session.
A notable mention for N4 Pharma LON:N4P, who this morning provided a Work Programme Update, providing a recap on recent developments and piquing investor interest as a result.
Devolver Digital LON:DEVO was the day’s worst performer, sitting some 47% lower at the bell. A trading update this morning noted that games releases for the year to date had been slower than expected, whilst costs were rising owing to multiple factors. The company believes that it will see faster delivery of new games in the second half of the year.
Tekmar Group LON:TGP reached the bell 32% lower following the announcement this morning that it was considering the need for a strategic partner to take the company to the next level. That news came alongside interim results which were in line with management expectations but the prospect of a sale or divestment has rattled sentiment.
