The AIM index saw another day of gains on Tuesday, rising just over 8 points by the close to finish at 968.84. That’s the highest close seen since before the COVID-19 pandemic hit the UK.
- Pipehawk up 37%
- 88 Energy up 23%
- Mountfield Group down 34%
- Nostra Terra down 15%
- Notable mention N4 Pharma up 10%
Pipehawk [LON:PIP] was the day’s biggest gainer, adding more than 50% at one point mid-session before closing almost 40% ahead. The move comes off the back of a relatively modest £1.7m contract win, although given this will be completed in the current financial year and the £2m market cap of the company after the move, clearly investors were ready to cheer the news.
88 Energy [LON:88E] was the other big winner, adding 23% and extending the rally which started last week. An RNS released at the end of last week confirmed the presence of oil reserves but further estimates are expected in the coming weeks. There may be confidence that good news is coming but shares remain well below the levels seen just six months ago.
Mountfield Group [LON:MOGP] was the worst performer dropping 34% in the wake of results this morning. Although turnover was up, margins were materially thinner and provisions against contracts also hit. What’s more the order book is looking light and the company’s exposure to the UK construction industry leaves it exposed. This leaves shares at a record low and the market cap down at less than £1.5million.
Nostra Terra [LON:NTOG] also had a bruising day, finishing 15% lower and continuing to reverse last week’s gains. However this is a true minnow with a £1m share cap and is being quoted with a 20% spread. It’s difficult to read much into this move.
N4 Pharma [LON:N4P] took a beating on Monday but managed to dust itself down with bargain hunters seeming to move in. That testing update at the start of the week may have been mildly disappointing but with trials being extended, there’s still scope for a breakthrough here. The stock managed to recover as much as 18% in early trade before settling around 10% higher.