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AIM round-up: Petrel Resources, Clontarf Energy, Ncondezi Energy


London’s AIM Index had another difficult session against a backdrop of global equity selling, taking the junior market down a further 14 points by the bell to 939.77.

  • Petrel Resources +25%
  • Clontarf Energy +17%
  • Ncondezi Energy +14%
  • Vast Resources -25%
  • Borders & Southern -24%

Petrel Resources [LON:PET] was the day’s biggest riser, tacking on 25% by the close. The stock advanced on a combination of no news and thin trade, but managed to retest last week’s highs. With just a £6m market cap, plays like this always risk being susceptible to mispricing, but with the stock up three fold over the last month, it’s difficult to ignore.

Clontarf Energy [LON:CLON] had a good session advancing 17% to reach the bell as the day’s second biggest riser. Milestone updates regarding an Australian drilling project have been well received, even though these are just technical information points rather than anything more dramatic. Arguably it underlines the value of keeping investors informed, although the bias towards buyers has left the stock on an exaggerated spread.

A notable mention for Ncondezi Energy [LON:NCCL] which continues to push higher after that solar news and director stake building. Shares advanced 14% but again however the day’s trade was incredibly thin and at the close the spread was being quoted slightly higher than the day’s gains.

Vast Resources [LON:VAST] is back on the list but today as the biggest faller. After a run of good gains since the end of last week, momentum has finally been exhausted with today’s 25% sell off. That 2p level which we noted as providing resistance earlier in the week continues to confound the trade.

Borders and Southern [LON:BOR] today found itself propping up the bottom of the board after slipping 24%, making it the day’s second largest faller. At the start of the month there were hopes that bid speculation for the firm may be imminent but with the storm clouds gathering economically, it looks as if optimism here may now be running a bit thin.

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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