A lunchtime update on London’s junior market today and there’s little to report at the top level with the AIM all share index trading just over a point lower at 743.28. That’s a meaningful outperformance against the main board but with the FOMC rate call looming, the caution is probably to be expected.
- Creo Medical +26%
- Nostra Terra Oil & Gas +13%
- Global Petroleum +12%
- Proton Motor Power -24%
- Ingenta -20%
At 12.30pm, Creo Medical LON:CREO was leading the Alternative Investment Market with shares trading up by 26%. The gains have come off the back of a mid-session announcement that the company has agreed to dispose of a 51% stake in its European business for EUR37m. Money will be used to strengthen the company’s existing balance sheet.
Nostra Terra OIl & Gas LON:NTOG was in second place, up 13%. However this is a minnow of a share, transactions have been limited today and the move in well within the spread being quoted.
- Small Cap Stocks: UK Oil & Gas, Renalytix, Nostra Terra
- Small Cap Stocks: Rosslyn Data, Emmerson, Light Science Technology
Proton Motor Power LON:PPS was 24% down, propping up the table at copy time. A mid-session update of interim results rattled sentiment as it includes notes that a key lender to the business has said they won’t support working capital requirements beyond the year end. The loss making company is looking for alternative sources of financing, but the outlook doesn’t seem great.
And Ingenta LON:ING was off 20% in the wake of its half year report. The provider of software to the publishing industry saw declines in revenues and profit margins, news that seems to have tipped investor sentiment against the business. Management also note a slowdown in implementations of new project wins.
Global Petroleum LON:GBP gets the notable mention, up 12%. The appointment of new directors is firing interest in the company and the stock was a frequent participant in this column around 18 months ago as battles for control of the business surfaced. Is this the start of a new chapter?
