London’s AIM index had another downbeat session on Wednesday and although losses were limited to just over six points, the market did make its first foray below 1,200 since late July. Some gains were seen in the last few minutes, leaving the board to reach the bell at 1200.67
- Roebuck Food Group +50%
- Pembridge Resources +25%
- Windar Photonix +25%
- IQE -24%
- ADM Energy -21%
Roebuck Food Group LON:RFG finds itself on the radar for a second successive session having today recorded a 50% uptick in the share price. However, given the demolition seen yesterday in the wake of that payout to shareholders, the reality is that this is little more than a rounding error and sits well inside the achingly wide spread being quoted at the close.
Pembridge Resources LON:PERE found itself in second place at the bell, up 25% in the wake of news that a complex reverse takeover of one of its operations has been successfully completed. There are suggestions that this is transformational for the company, so the question is whether further upside lies in wait.
A notable mention for Windar Photonix LON:WPHO whose shares jumped almost 25% by the close today, spurred along by news of its first volume order from Vestas. Whilst the gains are impressive, they only go part of the way to recovering the losses accrued off the back of interims in September and shares still remain well below longer term averages.
A trading update from IQE LON:IQE left the semiconductor supplier floundering, off some 24% by the close. Revisions in terms of outlook and guidance served to weigh on the stock, even though management believe such effects will be transitory, adding that macro trends will provide a ‘multi-year growth cycle’.
ADM Energy LON:ADME was in second to last place, off 21% at the bell in a remarkably heavy day of trade. An RNS issued late yesterday referencing connected parties appears to have scuppered sentiment, although it seems there’s more detail still to emerge here. Shares are however testing fresh all-time lows off the back of this.
