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AIM round-up: Petroneft, Ormonde Mining, Atlantic Lithium


Equity markets across Europe have broadly started the week on the front foot, although London’s AIM Index has been something of an outlier in leading the pack, reaching the closing bell up more than nine points at 1054.63

  • Petroneft +44%
  • Ormonde Mining +30%
  • Atlantic Lithium +23%
  • Red Rock Resources -17%
  • XLMedia -14%

Shares in Petroneft [LON:PTR] advanced today, adding 44% and putting the company at the top of the leader board, although trade was remarkably thin and the closing spread accounts for almost half of the gains. The company’s activities in Russia make this something of a risky trade yet recent gains are lifting the stock back towards pre-war levels. That said the market cap is a mere £19m but any turn around could be some time off.

Ormonde Mining [LON:ORM] also fared well, adding 30% by the close. The stock saw exaggerated volumes going into the weekend break and that theme has continued today, although across a relatively small number of trades. This also needs to be considered against the £4m. market cap and the 25% closing spread, but is news incoming?

Atlantic Lithium [LON:ALL] makes for today’s notable mention with the stock adding 23% on the day. This morning the company announced that it had appointed Canaccord Genuity as its financial adviser, strengthening the idea that part or all of the business may be hived off – assuming the right price can be found. However some of this potential upside is arguably well priced in already – shares now sit some 70% higher than they traded at in mid-March.

Red Rock Resources [LON:RRR] was left at the bottom of the list today, off some 17% by the closing bell. Again however there’s a familiar tale here with a small cap stock trading on a wide spread simply finding itself on our radar seemingly almost by default.

XL Media [LON:XLM] also finds its way onto the list as the day’s second biggest faller, off 14% at the close. This morning the CEO announced his resignation to pursue other interests – it’s the typical sort of news to rock sentiment in a stock, but revolves around the boss being headhunted by a competitor rather than anything darker.

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

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