London’s AIM index put in a reasonably strong start but failed to extend those gains during the session, settling up around three points at 1259.74 by the bell.
- Plutus Power up 18%
- Sareum Holdings up 17%
- M&C Saatchi up 14%
- Catenae Innovation down 20%
- Sound Energy down 14%
Plutus Power [LON:PPG] was at the top of the board by 4.30pm, having added 18%. There’s no news out to support the move, but the gains need to be taken in the context of this being a £2m market cap company and there’s a spread in excess of 16% being quoted on the stock.
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Sareum Holdings [LON:SAR] put in a solid start to the shortened trading week, adding 17% off the back of news that it had secured a £900,000 investment from an investor to take two proprietary programs through to the final stages of pre-clinical development. The shares were sold at a premium to Friday’s closing price and perhaps unsurprisingly this level of commitment has given investors something to cheer.
M&C Saatchi [LON:SAA] gets a notable mention today, with shares up around 14% off the back of a trading statement. This highlighted a stronger than expected four month period of business, leading management note that full year numbers ought to be above expectations. There’s no detail of the quantum of gains expected, but a series of high profile names are noted as being new clients for the ad agency.
Catenae Innovation [LON:CTEA] slumped 20%, extending the downward trend which has been in play for the last three months. Earlier in the year, gains had been seen for the company, arguably off the back of a belief they could play a key role in a government backed COVID passport app. It seems clear that’s not a route Westminster wants to pursue, but the share price is now testing fresh 12 month lows. The £4m market cap and 7% spread don’t help here, either.
Sound Energy [LON:SOU] had a bruising session today, dropping 14% off the back of a tax assessment from the Moroccan authorities. Additional corporate and value-add tax liabilities have been highlighted, something which Sound is set to dispute. As the note also states, since 2015, Sound Energy and its partners have invested over $140m and are still to realise any production revenue or capital gain. Progress here will be closely watched – the company has just over three weeks to make a formal appeal – but over $20m has been added to the tax bill