Despite the narrative from Moscow, fears remain high that Russia could still stage an invasion into Ukraine, and that has been taking its toll on stocks especially in the latter part of the London session. As a result, the AIM index closed the day around four and a half points lower at 1074.47.
- Ncondezi Energy +91%
- Egdon Resources +36%
- Origo Partners -22%
- Morses Club -15%
- Shield Therapeutics -15%
For a second day in a row, Ncondezi Energy LON:NCCL found itself at the top of the board with more bumper gains, finishing up 91%. Shares have now trebled in value from the lows seen earlier in the week. There’s no firm news out here however and the stock has seen abject volatility in the past. Will the momentum be sustained?
Edgon Resources LON:EDR was the day’s second biggest riser, up 36% at the bell. There’s no formal news announcement out, but the stock has been drifting higher since the release of an operational update before Christmas and saw a big spike off the back of analysis from its Wressle drill hole last month. Reports that a concrete base has now been poured at this site seem to be fuelling interest.
Origo Partners LON:OPP was the day’s biggest faller, off 22% at the bell. However this is a sub £1m market cap stock and sits on a wide spread with only limited trade being seen today. Arguably nothing to see here.
Morses Club [LON:MCK] also struggled during the day, dropping 15%. In a brisk session of lumpy trade, most of the sell-off occurred mid-morning. There’s no news here, but the company’s business – doorstep loans – could be blighted by the squeeze on living costs that the UK is now facing.
A notable mention for Shield Therapeutics LON:STX, which fell by almost 15% on the day. A full year trading update issued this morning was generally upbeat, but does expose the company’s cash burn rate. The market seems to be assuming this would require another dilutive equity issue, but is that the right conclusion to jump to, especially if sales can continue to improve?
