London’s AIM Index started the week on the front foot, adding a further four points to push out to 1314.36 by the closing bell. Downbeat economic data and suggestions of trouble ahead are keeping monetary policy hawks very much in check.
- Marechale Capital +79%
- Falcon Oil & Gas +40%
- United Oil & Gas -20%
- Tungsten Corporation -10%
- Catenae Innovation +13%
Marechale Capital LON:MAC was the day’s best performer, adding an impressive 79% by the bell. The company found itself on our radar earlier in the year after a relatively short-lived five-fold increase in the share price, so today’s gains need to be taken in context of that, but will still be welcomed by long term investors. The rally was triggered by news that the company has been granted £1.5m worth of stock in a Lithium miner as part of a deal it conducted. Marechale’s market cap is only around £2m so there’s some significant upside potential here.
Falcon Oil & Gas [LON:FOG] also had a good day, adding 40% by the close. The stock is building on the 100% gains it posted on Friday following the release of a well-received drilling update. The shares now sit at levels not seen in almost two years, although volumes do seem a little lower than those posted on Friday.
United Oil & Gas LON:UOG was the day’s worst performer, although losses were just shy of 20%. An operations update revealed disappointing production guidance and this seems to be leading sentiment, driving the stock down to fresh lows for the year.
IT services provider Tungsten Corporation [LON:TUNG] put in the day’s second worst show, although losses were a mere 10%, almost half of which can be accounted for through the spread. There’s no news here and interest in the stock was limited, although transactions appeared to show a bias from sellers.
A notable mention to Catenae Innovation LON:CTEA, whose shares added 13% today. The company has previously been linked to the roll out of any COVID vaccine passport and with that back on the agenda today, the stock found favour. Whether that’s warranted remains open for debate given the functionality that has already been included in the NHS COVID app, but investors cheered the news. Worth noting that the stock did close on a 15% spread.
