London’s AIM Index managed to serve up some modest gains during Tuesday’s session but continues to lag behind the senior boards on the week to date. At the bell, the junior market was up almost four points at 1232.79
- Limitless Earth +54%
- Quantum Blockchain +37%
- TekCapital +13%
- IG Design -38%
- Europa Metals -30%
Shares in Limitless Earth [LON:LME] have had a rollercoaster day, reaching the bell some 54% higher, although at mid session gains were as good as 100%. The stock is trading on a wide spread and transaction volume was limited, but notice of an AGM seems to have triggered the rally. The company was quick to issue a note stating it had no knowledge of why the gains were coming through, which tempered the upside but it’s a notable move nonetheless.
Quantum Blockchain [LON:QBT] put in another solid performance, reaching the bell some 37% up on the day and whilst that’s off session highs, gains over the last week are now close on 100%. There’s no news here, but the continued mainstream acceptance of Bitcoin certainly seems to be driving demand in the space.
A notable mention for TekCapital [LON:TEK], which has had a bumpy ride of late but added 13% today. Last week, a wholly owned portfolio company was tabled for IPO in the US and that didn’t elicit much of a reaction in the share price at the time. With no fresh news on the agenda, this could simply be a more optimistic view of the outcome here being taken.
IG Design [LON:IGR] was the day’s worst performer, off 38% at 4.30pm. A trading update issued this morning highlighted the negative impact cost headwinds were having on the company, which in turn was set to squeeze margins. Investors have marked down the stock aggressively as a result – the question is arguably whether the correction is now overdone.
Europa Metals [LON:EUZ] also struggled, slipping 30% by the closing bell. The move came off the back of an announced heavily discounted fundraising round, so this is a reflection of the corporate action. The fact that the downside was comparatively limited suggests that at least for now there’s an air of confidence that the proceeds will deliver value relatively quickly.