London’s AIM Index was back in reverse gear today, shedding almost nine points by the closing bell to finish at 952.95.
- N Brown +25%
- Arrow Exploration +24%
- Strip Tinning -25%
- Univision Engineering -18%
- Clontarf Energy -11%
N Brown LON:BWNG who published a trading update this morning and have topped the board as a result, reaching the bell some 25% ahead. Despite market conditions becoming more challenging, the retailer saw earnings rise despite a revenue dip and reasserted it’s belief that 7% product revenue growth can be achieved over the medium term.
Arrow Exploration [LON:AXL] also fared well on Wednesday adding 24% with gains fuelled off the back of drilling results. Despite these tests not necessarily being indicative of long term performance, the market took this as an opportunity to see the glass as being half full. It’s worth noting that heavy buying demand has also left this being quoted on a 6% spread.
Strip Tinning LON:STG was the day’s worst performer, off 25% at the close. The company published a trading update which was something of a mixed bag but despite revenues and EBITDA still being expected to hit forecasts, trade was thin and all on one side of the book. That’s resulted in a closing spread of more than 10% being quoted, too, but if this was insiders waiting for the end of the close period, the downside could prove short lived.
Univision Engineering LON:UVEL also struggled, reaching the bell some 18% lower. The company is however facing a winding up petition and trade was incredibly thin, resulting in a significant spread being quoted.
Clontarf Energy LON:CLON gets a notable mention today with the stock shedding 11%. The company saw speculative gains around the weekend but a drilling update today, despite not bringing much of value to the table, seems to have triggered a degree of profit taking. However, with drilling due to start next week, this stock could be in for an active few days.
