London’s AIM Index jumped higher at the open and sustained gains throughout Monday’s session, closing more than seven points higher at 7.53.
- Oilex LTD up 116%
- Braveheart Investment Group up 73%
- Location Sciences Group down 17%
- Live Company down 15%
- Oncimmune up 10%
Shares in Oilex [LON:OEX] punched their way to the top of the table today, adding 116% in the wake of a corporate update. The company is poised to take 100% ownership of a project in India, which it is currently a minority shareholder in, and this has sparked renewed interest in the stock. Trading has also been suspended on the company’s Australian listing so this could be adding momentum to the London price.
Braveheart Investments [LON:BRH] added 73% on Monday, fuelled by speculation that a portfolio company involved in rapid COVID testing could be the recipient of government funding. We’ve seen a few moves in this space in the last week or so, but it’s far from being a one-way bet. Failure to deliver high enough levels of accuracy has already proven costly for some.
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Location Sciences Group [LON:LSAI], who we flagged on Thursday, picked up further losses on Monday, leaving the company off by 17% and making it the day’s worst performer. There’s no fresh news here but with the company clearly struggling for direction as it explores all opportunities, it’s perhaps no surprise that support is proving elusive.
Live Company Group [LON:LVCG] was the day’s second biggest faller, off by 15% with news this morning of two directors standing down from the board seeming to unsettle sentiment. However, given this stock closed at a 12.5% spread and trade was very thin, then the decline needs to be taken in context.
A notable mention for Oncimmune [LON:ONC] whose shares jumped 10% today, following the publication of some upbeat earnings news this morning. We flagged this in our 8am note, but interestingly, the gains weren’t picked up until much later in the session. As we have noted before, the AIM market can at times be less efficient than its bigger peers.