The cheer surrounding the prospect of Chinese stimulus measures managed to lift the AIM All Share after a depressed start to the week. By 2.30pm, the index was sitting around two points higher at 743.4.
- Strategic Minerals +47%
- Clean Power Hydrogen +29%
- Neometals +16%
- Deltic Energy -38%
- Phoenix Copper -34%
Strategic Minerals LON:SML was trading 47% higher at our early copy time today. Interim results published this morning saw the highest 6 month revenues posted since 2017 and a significant uptick in post tax profitability. The free cash position is also ticking higher.
Clean Power Hydrogen LON:CPH2 was 29% higher, a move that came in the wake of a statement regarding successful factory acceptance testing of the company’s MFE110 electrolyser. This proves the technology works at scale and paves the way for commercial roll out.
Neometals [LON:NMT] gets the notable mention, up 16% on the day. The dual listed stock saw very thin trade in London but the move was off the back of the publication of numbers although these didn’t make for terribly encouraging reading. However it’s also worth adding that the move was within the quoted spread at copy time.
Deltic Energy LON:DELT was the biggest faller, off 38% following its publication of interim numbers. Noting that the first half has been incredibly challenging owing to political uncertainty, management add that they are now looking at projects beyond the UK until the necessary clarity is delivered. However it is seen as likely that additional funding will be necessary, either by issuing new equity, farm downs or asset disposals.
Phoenix Copper LON:PXC was 34% lower on the day. Again interim results were the driver here and whilst these painted an upbeat picture in terms of mineral recovery, there may be an underlying concern over capital expenditure and how this will be funded.
