The AIM index has made further progress during the first session of the week advancing almost 9 points to finish at 973.56, within a whisker of the year’s highs
- Prophotonix up 78%
- Wishbone Gold up 45%
- Anglo Asia down 13%
- Deltic Energy down 13%
- Notable mention Mulberry down 9%
LED and laser light manufacturer Prophotonix [LON:PPIX] surged during the session, close on doubling its market cap to £6m. It’s worth noting that the stock does trade on a 25% spread, but even with that in mind there appears to be little to justify the move. We noted a similar unsupported – but sustained – move higher around two weeks ago.
Wishbone Gold [LON:WSBN] added 45% following news of an option on an acquisition of exploration licenses in Australia. Interestingly, given the news was announced pre-market, the real price action didn’t emerge until just ahead of the close, again illustrating the less efficient nature of the market.
Anglo Asian [LON:AAZ] was the day’s biggest casualty, falling more than 13% in markedly busier than usual trade. The company’s exposure to central Asia which is currently facing geopolitical turbulence could be weighing on investor sentiment, but trade was far from being one-way.
Deltic Energy [LON:DELT] was another big faller, slipping after former suitor Independent Oil and Gas declared that it would no longer be pursuing a takeover bid. Given the board’s repeated reluctance to accept offers and the fact this downside is little more than the current spread, there’s arguably not much to read into this move.
Luxury goods maker Mulberry Group [LON:MUL] was amongst one of the biggest fallers on Monday following the release of full year results. Despite this update coming with some solid news over the company’s recovery over the last six months, investors were clearly left underwhelmed.