We saw another uneventful day for the AIM index on Wednesday, with the market putting in a rangebound performance but managing to creep into positive territory by the close, finishing just over three points higher at 959.73.
- Orosur Mining up 88%
- I-Nexus Global up 30%
- Katoro Gold down 29%
- Ide Group Holdings down 26%
- ValiRx up 17%
Orosur [LON:OMI] charged significantly higher during the session following an update on its Colombia project. The arrival of a second joint venture partner has paved the way for exploration and the company adds that it now has two of the world’s top 10 gold miners invested in the project.
I-Nexus Global LON:INX also moved higher today although the company is something of a minnow with a market cap of just £2m and trading on a 10% spread. There’s little to justify the move in terms of fundamentals however.
Katoro Gold LON:KAT was the biggest loser, slumping 29% off the back of a funding update. Whilst there was a positive spin to this, investors appeared to be expecting more and the note of caution over ongoing delays owing to COVID-19 will do little to bolster confidence either.
Ide Group LON:IDE, the IT services provider, was another big faller on Wednesday losing 26% after half year results were published. Revenues were down from £14.7m to £12.4m but with the company having reduced headcount in the wake of COVID, this has the potential to hit attempts to rebuild income in the short term.
A notable mention for ValiRx LON:VAL, which managed to notch up some gains during the session after a bruising start to the week. Given the trials update at the start of the week, the heavy selling always risked being overdone. The day’s 17% recovery leaves the stock at 32p.
