Another day of modest declines for the AIM index, dropping just over 2 points by the close to finish at 972.94
- Panthera Resources up 70%
- Erris Resources up 21%
- Rambler Metals down 42%
- Mosman Oil down 24%
- Alien Metals down 20%
Another day of stellar gains for Panthera Resources [LON:PAT], adding to Monday’s 65% uplift. There’s still no news from the company, so investors appear to remain confident that a more realistic valuation is emerging. The market cap stands at £16m.
Erris Resources [LON:ERIS] added 21% on Tuesday, although again there was no official news release behind the move. Volumes were a little higher than typical levels and the low valuation of the company does leave the stock on a comparatively wide spread but again the gain here isn’t to be sniffed at.
At the other end of the board – and sticking with resources – Rambler Metals [LON:RMM] slumped 42%. One point of note here is that half year results released at the end of September noted that Q2 assay (metal quality) results had been delayed. In the absence of other news, is confidence waning around these?
Mosman Oil [LON:MSMN] slipped on Tuesday, dropping 24% although this has been skewed by news of a placing which close on doubled the market cap. The pre-market note also included details of planned drilling operations and an assertion from management that they would meet expectations for the full year.
Alien Metals [LON:UFO] gets the notable mention today, with shares unwinding 20% – although this has to be put in context of last week’s remarkable rally. With no hard news, the temptation to book profits for short term traders cannot be ignored.