Markets have started the new tax year on the back foot, but it’s actions in Washington that appear to be dominating sentiment. With the FOMC meeting minutes due to be released later, these are expected to show just how quickly the Fed will look to shrink its balance sheet and this is casting a shadow on both sides of the Atlantic. The AIM Index, down nine and a half points at 3.30pm, is tracking the FTSE-100 lower.
- Osirium Technologies +38%
- Europa Oil & Gas +25%
- Distil +17%
- Agriterra -26%
- ECO Atlantic -16%
Osirium Technologies LON:OSI had another good session, topping the board for a second day despite gains being a little more modest. The stock was trading 38% higher at 3.30pm, with yesterday’s trading update still providing inspiration for buyers.
Europa Oil & Gas LON:EOG also fared well, adding 25% by copy time. Despite the company sporting a £26m market cap, the wide quoted spread suggests that there may be a lack of available stock out there. Possible news incoming?
A notable mention for Distil LON:DIS which added 17% by mid-afternoon. The premium drinks brand issued a trading update this morning noting volumes up 38% and revenues up 32%. That was topped off by management declaring they had a positive outlook for the year ahead.
Agriterra LON:AGTA was the day’s laggard at 3.30pm, off some 26%. That said this is a thinly traded minnow which has been whip-sawing over the end of the tax year. Arguably nothing to see here, especially given the spread.
Eco Atlantic [LON:ECO] was second from bottom at copy time, off some 16%, although that’s driven by the dilution effect of the c. £20m fundraise it announced this morning. Indeed the stock is trading at a premium given the size of the issuance, suggesting investors are highly supportive of the move.
