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The AIM index has spent pretty much the entire session underwater with the junior market failing to keep pace with the main board, although losses have been limited, settling less than one point lower on the day at 1210.60.

  • Omega Diagnostics up 32%
  • Mediazest up 25%
  • Nightcap Plc up 19%
  • Bahamas Petroleum down 68%
  • Abingdon Health down 13%

Omega Diagnostics [LON:ODX] found itself in the press over the weekend with comment regarding modifications to a facility to increase lateral flow test production capacity. It has confirmed this is the case but notes that there are no supply agreements in place yet. Regardless, investors have been cheered by the news with the shares adding 32% across the day.

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Mediazest [LON:MDZ] also fared well, up 25%, although the company is valued at under £700k and closed on a 22% spread. Providing audio solutions for retail venues, the company does look a bit exposed when it comes to the withering state of the high street. However results are due and there may be a degree of anticipation that these could hold some gems.

A notable mention for newly IPO’d bar operator Nightcap [LON:NGHT] which again fizzed higher, at one point adding more than a third before fading into the close. There’s no apparent news behind the move, although interestingly a company by the same name did receive funding on the US show Shark Tank over the weekend. That could be mere coincidence but with bars reopening in the UK not moving any closer, justifying the growing valuation here seems difficult.

Bahamas Petroleum [LON:BPC] was the day’s biggest faller, off 68% after a drilling update was published ahead of the market open. The RNS is a work of art, with investors having to read well down before finding the key line that the volumes of oil encountered aren’t commercial. Perhaps unsurprisingly investors gave the news a cool reception, with the shares slumping to levels not seen since late 2017.

Abingdon Health [LON:ABDX] was the day’s second biggest faller, off 13% following media coverage over the weekend regarding the cancellation of a government contract, the company had a note to market before the opening bell, pointing out that this news had already been announced in a series of RNS’s. The move leaves shares trading below December’s listing price – the result of a funding round which was designed to increase its lateral test flow production. With the media suggesting the UK government has called time on this relationship, investors will be justifiably concerned if they can’t improve accuracy and regain a mandate.

Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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