Downside pressures continue to build for UK stocks in general with a disconnect between the narrative from the BoE over rate cut timings and the market’s wider expectation seen as a key driver. The AIM All Share sold off almost six points on the day to close at 728.49, testing fresh lows for the year as a result.
- Seascape Energy +28%
- Arkle Resources +25%
- Pennant International +12%
- Mirriad Advertising -20%
- Shield Therapeutics -12%
Seascape Energy [LON:SEA] had another good day, extending the week’s earlier gains off the back of that award of partial drilling rights off the coast of Borneo. Volumes in the stock continue to build although the key point now will be sustaining the upside. Today’s 28% advance takes gains since the end of last week to around 100%.
- Small Cap Stocks: Capital Metals, Seascape Energy, Oracle Power
- Small Cap Stocks: Empyrean, Seascape, Mirriad
Arkle Resources LON:ARK was in second place, up by 25%. This is s thinly traded stock and the spread was notable although there’s optimism that positive drill results from a nearby facility will bode well for the company, too.
- AIM Market Roundup: Zenova, CAP-XX, Eden Research
- AIM Market Roundup: Arkle Resources, Galantas, Tracsis
Pennant International LON:PEN gets the notable mention, up 12% on the day. The company provided the market with a contracts update this morning including a £4.9m deal over three years with the UK’s Ministry of Defence.
Mirriad Advertising LON:MIRI was the biggest faller, although losses were a relatively modest 20% Traded volumes were thin but the downside extends yesterday’s losses which appeared to have been triggered by news that the company was changing its auditor, even though the company confirmed this was a BAU development.
Shield Therapeutics LON:STX was down 12% on the day. Again thin volumes and no apparent news behind the move but given the limited price action seen in today’s market this almost feels like a statistical outlier rather than something we should be hunting for news around.
