London’s AIM index moved higher through the session reaching the bell up 13.89 at 1223.29. Here are the biggest movers.
- Oilex +32%
- Kore Potash +30%
- 88E -69%
- Ormonde Mining -15%
- Omega Diagnostics +15%
It was Oilex [LON:OEX] which started the week at the top of the table, adding 32% by the close. Shares had been higher mid-session whilst the Australian listing added as much as 300%. That seems to point back to news released ahead of the long weekend regarding the company taking 100% ownership of a project in a move that might offer more leverage with the next JV partner. It received a warmer reception down under, but it’s looking as if that performance may have been a little overdone.
Kore Potash LON:KP2 found favour, adding 30% off the back of news that a Memorandum of Understanding had been signed regarding full financing of a new project. On the basis this is a non binding agreement, the reaction may yet prove to be a little overdone but it has lifted the share price to fresh highs for the year.
88Energy [LON:88E] released yet another Operations Update this morning ahead of the opening bell. The company’s share price has fared well off a series of these missives in recent weeks, but today’s note – as we mentioned in our morning report – had a decidedly lacklustre tone to it. Investors have as a result been quick to jump ship, leaving the stock down 66% at the close and making for the day’s biggest faller. That unwinds all of the upside from the last two weeks, which is quite a swipe given the latest update wasn’t entirely bad news…
Ormonde Mining [LON:ORM] slipped 15% after it was announced the company had terminated discussions over the acquisition of a majority stake for copper licences in the Republic of the Congo. Management noted that this was an exceptional opportunity that the company had been forced to pass up, after shareholder resolutions at the February AGM had thrown a proverbial spanner in the works. Certainly an interesting case to follow, with the shares now back at the pre-Christmas levels around 1.2p, having been as high as 3.4p.
A notable mention for Omega Diagnostics LON:ODX, which was 15% ahead at the close but had traded almost 20% higher mid-session. There’s no news out to support the move, but the company makes lateral flow tests for COVID and with the UK on track to continue coming out of lockdown as planned, more testing appears to be central to many of the government’s ambitions. Anything that is faster or more accurate can only be seen as good news.
