London’s AIM Index has had a modestly downbeat start to the week, underperforming the main board as it shed five and a half points during Monday’s session, reaching 1228.69 by the bell.
- Light Science Technologies +29%
- Ironveld +22%
- ECR Minerals -14%
- Vast Resources -13%
- ASOS -6%
Recently admitted Light Science Technologies [LON:LST] added 29% on the day. There’s no news out but volumes increased dramatically on the day from what’s been seen over the last week. Even though the spread is a comparatively wide 6%, it’s going to be interesting to see if the upward momentum can be maintained here.
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Ironveld [LON:IRON] added 22% on the day, extending the gains that got underway on Friday off the back of stakebuilding news. Shares have close on doubled from last week’s lows, although today’s elevated demand was still notably below the level of interest seen going into the weekend break. A general meeting circular has now been published to gain shareholder approval on the stake taken by Grosvenor Resources.
At the other end of the table, ECR Minerals [LON:ECR] slipped 14% after issuing a drilling update. There was nothing overtly negative in the report, suggesting short term investors were happy to book the gains accrued over the last week or so.
Vast Resources [LON:VAST] slipped 13%, again with a company update in play. There was a little more for investors to get their teeth into here with the most notable point perhaps being labour constraints and supply chain issues pushing back some scheduling on its Romanian project, providing some justification for extending that downside pressure although reading between the lines, given the sell-off has been in play for some time, it could also hint at more unfavourable news emerging elsewhere.
A notable mention for ASOS [LON:ASC] whose shared slipped 6% today. Media coverage at the weekend highlighted how the company – and other fast fashion retailers – are looking increasingly exposed by the fact overseas competitors – notably Shein – can avoid paying VAT on low cost transactions. This seems to be adding to downside sentiment on the stock.
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