London’s AIM Index has started the week on the front foot, finding some very modest gains to add just under two points, In percentage terms that’s well behind the main board, but the AIM All Share closed at 733.9.
- Caledonian Trust +86%
- Mkango Resources +28%
- Quadrise +13%
- Hummingbird -30%
- Webis -28%
Caledonian Trust LON:CNN was topping the board, up 86% on the day. The company agreed at a General Meeting last week to deregister from AIM, something which typically causes elevated levels of volatility. Today’s uptick needs to be taken in light of the heavy selling seen over the last five weeks.
Mkango Resources [LON:MKA] was up 28% after announcing results into a feasibility study this morning on the development of a state-of-the art rare earth magnet recycling and manufacturing operation in the United States. The initiative is seen as aligned with US government objectives.
- Small Cap Stocks: Premier African, Global Petroleum, Helix Exploration
- Small Cap Stocks: Energypathways, Global Petroleum, RBG
Quadrise [LON:QED] gets the notable mention, up 13% at the bell. The business signed a collaboration agreement with marine fuel supplier Auramarine to leverage the respective resources of both businesses as they look at the decarbonisation agenda. This extends the material gains seen by the stock on Friday.
Hummingbird LON:HUM was the worst performer on the day, down by 30%. Despite announcing that the company had achieved commercial production at a mine in Guinea, the note reiterated the financial situation the company finds itself in and despite the output, the Group as a whole is not expected to generate sufficient near-term cashflows to significantly ease its current liquidity challenges.
- Small Cap Stocks: RBG, Hummingbird, Loungers
- Small Cap Stocks: Armadale Capital, Petrel Resources, Hummingbird Resources
Webis Holdings LON:WEB was in second to last place, trading some 28% lower at the bell. Again the company is looking at delisting in a bid to reduce costs, something that was announced on Friday morning. Shares are now down around 80% from Thursday’s close and a general meeting has been scheduled for December 18th.
