Those concerns over rising COVID cases in China and the effect this may have on the global economy acted as a significant headwind for London’s AIM Market today, with the index reaching the bell some eleven and a half points lower at 988.3.
- Omega Diagnostics +16%
- Inspirit Energy +15%
- Valirx +13%
- Argos Resources -31%
- Keras Resources -21%
Omega Diagnostics LON:ODX topped the board today, adding 16% although trade was unremarkable and a lack of availability has pushed the spread out beyond 10%. The resurgence of COVID cases in China may be lending some support here but it looks speculative when Beijing will have a growing volume of domestic capacity at its disposal.
Inspirit Energy LON:INSP also fared comparatively well, although gains of 15% are relatively modest. The stock has been sliding since the start of last year however and now has a market cap of just £1m but today’s gains come off the back of a second day of elevated volumes. That is driving the spread too, but is some news imminent?
A notable mention for Valirx LON:VAL, who added 13% after publishing an operational and strategy update this morning. There’s quite a lot of detail in the note but evidently it was well received, driving significantly above average volumes as a result.
Argos Resources LON:ARG was the day’s worst performer, shedding 31% by the bell. The stock made significant speculative gains over last week and arguably the collapsing oil price is undermining the better case scenarios here.
Keras Resources LON:KRS also struggled, losing 21% on the day. There’s no indication what’s behind the sell off in this minnow, but the spread accounts for much of the losses and this really just reverses the speculative gains seen at the end of last week.
