We’re going with a lunchtime update today so the AIM index has had a vaguely positive morning, adding just over 2 points to sit at 1276.36 by 1pm, having been marginally outperformed by the FTSE-100.
- Scirocco Energy +73%
- ADVFN +41%
- Global Petroleum -26%
- Windar Photonics -16%
- HSS Hire Group +9%
Scirocco Energy LON:SCIR was the morning’s biggest riser, up 73%. There’s no direct news here but the company does hold a meaningful stake in Helium One which is about to make its debut on a US OTC market. That news, combined with a positive drilling update appears to be driving enthusiasm, although the Scirocco certainly isn’t a stranger to sharp price jumps and prompt reversions.
ADVFN LON:AFN was another big riser this morning, adding 41% by lunchtime on news that a former director was building a stake and now holds just under 20% of the business. There’s speculation that this could lead to a full takeover bid being launched.
Global Petroleum LON:GBP sits at the bottom of the board mid-session, off some 26%, following news of a discounted £1m placing. With a market cap of only £2m this is a true minnow and the share price continues to test fresh all time lows. If they can pull this off, obviously there’s a lot of upside to be had but this appears highly speculative.
Windar Photonics LON:WPHO is back on our agenda although the morning’s dip of 16% is far from remarkable. The stock made notable gains at the start of the week so today’s reversion looks like little more than some opportunistic profit taking. The stock remains well above levels seen last year.
A notable mention for HSS Hire Group LON:HSS who had results out this morning. The stock was subject to a notable bout of selling a couple of weeks back but today’s note seems to suggest that the company is well positioned for growth in the near term, having used the disruption caused by the pandemic as a catalyst to accelerate transformation plans. The stock added a meaningful 9% as a result.
