London’s AIM Index managed to reverse some of yesterday’s losses during Wednesday’s trade, adding almost seven points by the closing bell to finish at 1244.54.
- Petro Matad +33%
- System1 Group +26%
- Online Blockchain +10%
- Savannah Resources -20%
- Real Good Food -17%
Petro Matad [LON:MATD] was the day’s biggest gainer, adding 33% off the back of a briskly traded session. The stock was being quoted on a very tight spread and although there’s no news out to support the move, momentum has been building for just over a week. One to watch.
System1 Group [LON:SYS1] was also in favour, tacking on 26% in the wake of its year end trading update this morning. This headlined with news that sales in the second half had been meaningfully above those seen in the comparative period of the preceding year, whilst operating costs had also been squeezed. Adjusted pre-tax profits are expected to come in at £2.9m, against the £2m achieved in FY19/20.
Savannah Resources [LON:SAV] was the biggest casualty at the bell, sitting some 20% lower. However that can be explained away as the dilution effect of the £10m placing which was initiated overnight. The Lithium producer sees the brisk uptake of the issuance as a sign of confidence in the electric vehicle market, something that has the potential to be bolstered further as governments look to lock in climate commitments.
Real Good Food [LON:RGD] slipped 17% with notification of a major shareholder selling down his stake seemingly being instrumental in the decline. There’s no other news present but the disposal accounted for the bulk of the day’s trade. Shares have rebounded off mid-session lows although the £3m market cap company was trading on a 16% spread towards the end of the day.
A notable mention for Online Blockchain [LON:OBC] which managed to tack on 10% by the bell today, helping the stock reverse some recent losses. There’s no hard news behind the rally but those concerns around Bitcoin from the weekend appear to have subsided. That said, volumes remain thin so sustaining this upside may prove challenging.