London’s AIM market managed to squeeze out some further gains during Tuesday’s session, but upside was limited with the index reaching the bell just over one and a half points ahead at 1239.03.
- Plexus Holdings +25%
- GCM Resources +19%
- Shoe Zone +7%
- APQ Global -14%
- Lansdowne Oil & Gas -14%
Plexus Holdings [LON:POS] topped the board today, advancing 25% on the day. There was a lot of demand for the stock yesterday which seems to have flushed out a number of sellers, but with interest being maintained, some upside has now been delivered. This only takes the share price back to levels seen in the summer and the company’s exposure to fossil fuels – albeit including the cleanest of the lot, natural gas – also puts it at odds with current government policy. Is an announcement coming?
GCM Resources [LON:GCM] also fared well, adding 19% on the day. This morning the company published a framework agreement update which would allow the company to continue its progress in a Bangladesh coal project. The irony can’t be lost on anyone that AIM’s two best performers on the very day that the UK government sets out its own net zero plan for greenhouse gasses are in the fossil fuels sector. Maybe some astute rebalancing attempts are also in play?
A notable mention for Shoe Zone [LON:SHOE], which added 7% on the day. Last week’s results were well received but momentum on the share price was soon lost. Is this next leg up a suggestion that a re-rate is still on the cards?
APQ Global [LON:APQ] was the day’s worst performer, off some 14% by the bell. However trade was limited, the market cap is a mere £7m and the stock is quoted on a spread that’s well in excess of the dip lower. Nothing much to see here by all accounts.
Lansdowne Oil & Gas [LON:LOGP] also slipped around 14%. There’s no direct news out, but the CEO of a partner firm has today announced that he is stepping down and there may be some concern that this could prove disruptive for the business moving forward.