London’s junior market has spent the day marginally in negative territory and although a rally into the close was seen, the Aim index still closed a shade lower at 1198.41
- Marechale Capital up 146%
- Getech Group up 85%
- Manolete Partners down 31%
- Arkle Resources down 30%
- Borders & Southern Petroleum up 10%
Corporate financiers Marechale Capital [LON:MAC] surged to the top of the board today, adding a hulking 146% in the wake of a successful cap raise. The round saw £250,000 injected into the business, adding around 30% of new shares. Directors of the company have been involved in the fund raise which has arguably helped bolster confidence but with 34m shares changing hands – there are currently only 57m in issue – there’s clearly been a lot of speculative trading taking place.
Getech Group [LON:GTC], a provider of data and software products to the energy industry, had a bumper day with shares adding 85%. News of two strategic partnerships that help advance development of a network of hydrogen hubs across the UK saw shares surge. Notably, one involved party is SGN, the distribution arm of British Gas.
Manolete Partners [LON:MANO], the insolvency litigation financing firm, was the day’s biggest faller, off by 31% in the wake of a Q3 trading update which was published mid-afternoon. Despite record case completions and cash inflows, the company noted a low level of new case investments as a result of ongoing government support for businesses. Critically however, as these support deals run out, business activity should snap back – with the share price presumably following?
Miner Arkle Resources [LON:ARK] is back on the list after its 30% fall today. The company issued a drilling update on a project in Ireland which appeared to fall short of investor expectations despite the upbeat narrative. Its majority partner in the project – Group Eleven – saw its shares fare rather better, but today’s move does unwind all the gains seen for Arkle since the start of the year.
A notable mention for energy play Borders and Southern Petroleum [LON:BOR], whose shares added 10% during Tuesday’s trade. The stock has been volatile of late and comparatively thin volumes did little to help in today’s price skew, which in part was driven by the wide spread seen in the auction. The move does however go some way to recovering the losses accrued during yesterday’s session.