London’s AIM Index has been left struggling today, although managed to outperform many of Europe’s larger indices. The junior market has however fallen below the psychologically significant 1,000 level for the first time since November 2020, sitting at 997.60 at 2pm GMT.
Our usual AIM market report timing will return next week.
- Parkmead +19%
- Mosman Oil +17%
- Eurasia Mining -43%
- Borders & Southern -36%
- Amur Minerals -28%
Parkmead LON:PMG was the biggest riser by 2pm, adding 19%. The energy company, with a focus on the UK & Netherlands, along with a recent wind power acquisition, seems to be very much in the zone off the back of PM Johnson’s comments that we need to break our dependence on Russian energy imports.
Mosman Oil LON:MSMN also fared well, advancing 17% by the cut. News released yesterday morning over the completion of a gas pipeline in Texas perhaps wasn’t properly priced in so we’re seeing a degree of catch up fall into place today. A wide spread does however also illustrate the fact that there’s an absence of sellers.
Eurasia Mining LON:EUA was the biggest faller by mid-afternoon, off some 42%. The company has significant Russian shareholders and is closely involved with the Russian government in terms of many of its mining operations. Despite yesterday’s defensive note to the contrary, further sanctions could make business operationally difficult and at the same time see exports being blocked. The sell off can be of little surprise in the wake of Russia’s invasion into Ukraine.
Borders & Southern LON:BOR jumped 45% yesterday on what appears to have been pure speculation. With nothing to back up the rally – even given the $100 oil price – profit takers swooped today and left the stock trading some 36% lower by 2pm.
A notable mention for Amur Minerals LON:AMC which was languishing 28% lower at copy time. Again the mining company has interests in Eastern Russia and this has the potential to make life very challenging depending how global sanctions play out. The company’s share price rallied hard late last month after a bid valuation was served up, but today’s sell off now almost fully reverses that upside.
