It has been a choppy session for London’s junior market, with the AIM Index making gains in early trade before handing most of them back late morning. Regardless, we’ve managed a positive finish for the day, albeit with gains of less than one point for a close of 1228.26.
- Mercantile Ports & Logistics up 117%
- Online Blockchain up 71%
- Mediazest down 17%
- APQ Global down 17%
- Location Sciences Group up 15%
Indian logistics firm Mercantile Ports & Logistics [LON:MPL] saw its share price add 117% today in the wake of a trading update accompanied by news of new multi-year contracts. Although there are no financial details within the update, the contracts illustrate the monetisation of assets which have been under development and the long durations give added cause for confidence.
Shares in Online Blockchain LON:OBC jumped 71% today as the crypto frenzy was refuelled with Bitcoin testing the $50,000 mark, albeit briefly. We’ve seen this before with the company’s stock, although gains have often been difficult to consolidate. However with confidence growing over the BTC proposition, could we see upside being locked in?
Mediazest LON:MDZ was the day’s biggest loser, although the downside was a rather restrained 17%. We flagged the stock twice last in a rather more positive light as some impressive gains were picked up. With no news, today’s dip may simply be a case of some opportunistic profit taking off the back of that rally, with losses being further diminished by the 10%+ spread the stock closed on.
APQ Global LON:APQ was another big faller, off just under 17%. There appeared to be no trade in the share today, but yesterday the company updated on its NAV so this move looks to be driven by market makers. The stock appears highly illiquid and was being quoted at a 40% spread.
A notable mention for Location Sciences Group LON:LSAI whose shares rebounded a little today, adding 15%. However with limited trade and a hulking wide spread, it’s difficult to read much into this. The company by its own admission has a proverbial mountain to climb and the challenge seems to be convincing investors that they’re at the front of the pack, rather than being ahead of their time.
