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After posting five successive down days, London’s AIM Index jumped higher during Tuesday’s session to post what is set to be the biggest one day percentage point gain of the year so far, closing an impressive 20 points higher at 1183.04.

  • Mineral & Financial Investments up 22%
  • AfriTin Mining up 20%
  • Clear Leisure down 19%
  • Prospex Energy down 17%
  • Notable mention ITM Power up 14%

Cayman Headquartered minnow Mineral & Financial Investments [LON:MAFL] saw its share price jump an impressive 22% today, with gains being cemented after news of an existing shareholder building his stake was released to the market. Beyond that there’s no further news and the stock does battle against a wide spread, but this rebound does recover losses of the last three weeks.

AfriTin Mining [LON:ATM] added 20% on the day and although the miner with a portfolio of tin assets issued an update yesterday, the impact here seems to have taken a while to filter through. The numbers certainly look encouraging, including a note which adds that operations are ahead of production targets. Gains since the start of the year will certainly give long term investors something to cheer.

A notable mention for ITM Power [LON:ITM], the green energy play which has had a rough time of late but rallied 14% today. With shares having crested £7 around six weeks back, the retreat to not far off £4 was abrupt. There’s no firm news to support the move, but yesterday’s contract win news from minority shareholder Linde seems to align with the bottom of the sell-off. Doubts may linger over whether the green economy will get the much hoped for Biden bounce but it will be interesting to see where the market feels fair value lies for ITM.

Clear Leisure [LON:CLP] was the day’s biggest faller, closing some 19% lower. There’s no news here but with shares having risen around seven fold since the start of February and a lot of uncertainty over how this company may produce a yield, a degree of opportunistic profit taking can probably explain this away.

Prospex Energy [LON:PXEN] was another notable faller, shedding 17% after the company announced a £750,000 placing this morning. That was done at a 20% discount to the opening price and represents a meaningful dilution given the market cap is a mere £2m. With that in mind, the response from investors to the trading update has been sufficiently positive to mitigate the impact of the issuance at least in the short term, assuming shares can stabilise at this level.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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