London’s AIM index managed another day of gains, closing just over five points up at 1256.3 and putting the junior market very much in contention for a positive finish for the month.
- Mulberry Group up 19%
- I3 Energy up 16%
- ITM Power up 7%
- Appreciate Group down 16%
- Harvest Minerals down 14%
The makers of luxury handbags Mulberry Group LON:MUL saw its shares jump 19% today, topping the leader board as a result. There’s nothing behind the news, although over the last couple of months shares have given back the gains picked up off the back of April’s well-received trading update. It’s worth noting that deal flow was very limited and the spread was quoted at something in excess of 13%.
I3 Energy LON:I3E also had a good day, adding around 16% by the bell and extending the rally that was kick-started yesterday off the back of an operational update, which specifically highlighted some better than expected progress on a drilling operation in British Columbia.
A notable mention for ITM Power LON:ITM whose shares are back on our radar. Shares have gained almost a third in value over the last week, tacking on an additional 7% today. The stock is still well below the January highs, but there’s renewed interest in the entire ESG sphere right now, along with some more specific supportive stories, including a major investment into a network of hydrogen refuelling stations by a competitor.
Full year results from Appreciate Group LON:APP saw the UK’s leading multi-retailer redemption product (i.e. gift card) provider take a beating. Shares fell 16% after pre-tax profits slumped from £7.7m a year ago to £1.3m. Whilst this was within the range of expectations, trading in the first 12 weeks of the new financial year has been sluggish with spending patterns still to normalise in the wake of the pandemic.
Harvest Minerals LON:HMI was also left struggling off 14% in the wake of full year earnings which showed good volume sales, although prices seemed to be depressed. The company’s share price rose steadily from late May to mid June, so optimistically today’s reversion could be seen as mere profit taking off the back of the results, although investors will now likely be looking for the hinted-at further increases in volumes
