The AIM Index may have recovered from mid-session lows but still finished the first trading day of the week slightly lower, off around one quarter of a point at 1162.98.
- Premier African Minerals up 64%
- Cambria Africa up 36%
- Origo Partners down 26%
- Eqtec down 16%
- Shoe Zone down 6%
Premier African Minerals LON:PREM topped the board today, adding 64% and making their way to a 28 month high as a result. There’s no firm news out from the company but buying interest seems to be rife off the back of speculation that a mine in Zimbabwe may yield results. One to watch.
Cambria Africa LON:CMB makes it back onto the list as the day’s second biggest riser. Again there’s nothing to drive the news, but that trading update last month did point out that the company continues to trade at a meaningful discount to NAV. There are also upbeat media reports circulating over the wider Zimbabwean mining sector and with the government pushing output here, there’s clearly some support coming through.
Origo Partners LON:OPP was on our radar last Thursday after it topped the board and further gains were seen going into the weekend break. However an RNS from the company this morning, noting that there was nothing behind these gains, was sufficient to scuttle the minnow’s share price, pushing the stock 26% lower and leaving it at the foot of the board.
Bioscience play Eqtec LON:EQT was the day’s second largest faller and although losses were a relatively measured 16%, this is showing a longer term negative trend for the business. A lack of news and investors more broadly cycling out of the sector seems to be taking a toll. Any official notice could therefore provide some much needed support.
A notable mention for Shoe Zone LON:SHOE who closed 6% lower. Full year results were released this morning and laid bare the impact of COVID lockdowns on the business. There’s also no expectation of a return to profit for the current financial year, but is it feasible that footwear will be one of the few retail niches that needs to retain a physical presence? Shares remain well below pre-COVID levels.
