London’s AIM Index has made steady progress through Thursday’s session, closing more than seven points ahead at 1218.80.
- Mediazest up 130%
- Clear Leisure up 82%
- Location Sciences Group down 18%
- Europa Oil & Gas down 18%
- Nightcap down 15%
Mediazest [LON:MDZ] saw its share price surge again today adding 130% by the close. We flagged gains for the stock last week, but this morning news emerged of new business wins and the company expects to bill £350,000 off the back of these contracts over the first six months of the calendar year. The directors also believe that there’s substantial growth potential here, leaving the shares some 200% up from levels seen before Christmas.
Investors in Clear Leisure [LON:CLP] have also had a good day, with shares closing 82% higher after news of a successful placing. It’s worth noting that the shares were offered at 0.6p, so around a 15% discount to last night’s close, but the fact that this should enable the company to expand its cryptocurrency data centre operations is firing enthusiasm. On top of that the company is pursuing a string of weighty law suits worth many times its market cap in the coming months. One to watch.
At the other end of the table, it’s Location Sciences Group [LON:LSAI] that’s the day’s biggest loser, off over 18%. We’ve reported on them recently after some bumper gains but this morning’s trading update clearly gave cause for concern. This highlighted a 12% fall in revenues for the full year, whilst administrative expenses were sitting at £1.5m. Even if that’s 40% down on the 2019 figure it still makes uncomfortable reading. Add to that the fact the way ahead seems awkward, with the board exploring a number of options and the fact the share is down only by 18% is perhaps remarkable.
Europa Oil & Gas [LON:EOG] was the day’s second biggest faller, off 18% as the company announced a new round of fundraising. The sell-off leaves shares trading at a very modest premium to the 1.3p new equity was issued at, but arguably took advantage of the increased valuation following last week’s news of commencement of oil flow at one of the company’s sites.
The market called time on Nightcap’s [LON:NGHT] recent run higher today, leaving the stock as our notable mention with shares down by almost 15%. There has been nothing tangible to support the recent gains so a degree of profit taking can be no surprise, and with no clear news on the reopening of the UK’s hospitality industry either, the move higher remains difficult to rationalise.