Slowing global growth and the prospect of higher interest rates combined to create something of a perfect storm for equity markets today, with the AIM Index being caught on this same wave. As a result, London’s junior market reached the bell almost 15 points lower at 1034.08.
- Petrel Resources +50%
- Woodbois +40%
- MusicMagpie +26%
- Hummingbird Resources -19%
- URU Metals -17%
Petrel Resources LON:PET topped the board as the new week got underway, adding 50% by the bell. There’s no news but it’s been a lumpy day of trade in the £4m minnow, leaving the stock quoted on a 16% spread at the bell.
Woodbois LON:WBI also fared well, advancing 40% by 4.30pm. The stock has seen significantly elevated levels of trade during the session, extending the run higher from earlier in the month. No specific news as such, but speculation is clearly in play that bright things lie ahead.
A notable mention for MusicMagpie LON:MMAG. The company always seems to be on point in terms of innovation, with its recycling agenda very much of the moment, but the market hasn’t always shared this enthusiasm, most notably with the earnings shortfall two months back. Today’s news that it will start selling to Back Market’s 6 million customers has certainly been well received, driving the stock 26% higher although it’s worth noting that volumes have been unremarkable and the spread accounts for half of the gain.
Hummingbird Resources LON:HUM was the day’s laggard, off 19% at the bell. This morning’s operational update evidently left investors eager to book profits from the recent gains, but with more drilling updates promised within the quarter, this could remain a volatile play.
URU Metals LON:URU also struggled compared to the rest of the board, finding itself 17% lower at the bell. There has however been limited trade in the stock and the £7m minnow was quoted on a 33% spread at the close. Arguably nothing to see here.
