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Small Cap Stocks: Valirx, EnergyPathways, Merit Group

Small Cap Stocks: Valirx, EnergyPathways, Merit Group

The week has started on a less than robust footing for UK equities with a clear degree of wariness being provided from a bunch of drivers, including US mega cap earnings, the forthcoming budget and whether the Bank of England ends up with cold feel when it comes to a rate cut. By the bell, London’s AIM All Share index was off more than five points at 735.17.

  • Valirx +72%
  • Energypathways +39%
  • XLMedia +28%
  • Merit Group -38%
  • Ethernity Networks -29%

ValiRx LON:VAL was the day’s leader, up 72% at the closing bell. There’s no formal news but an investor Q&A session was held earlier in the day and this seems to have been instrumental in delivering the gains.

Energypathways [LON:EPP] is up 39%, sustaining the gains posted earlier in the day after the company announced it had been invited to participate in a government plan to develop green hydrogen storage systems. With its own project already well progressed here investors could have cause for optimism.


A notable mention for XLMedia LON:XLM whose shares are up 28% on the day. The company is proposing divesting its North American business in a deal worth up to $30m in cash. This follows concerns that the component parts of the company weren’t being reflected in the share price and other disposals have already taken place. The company would become a cash shell with all funds returned to investors – it may be worth running the numbers here as it still seems to trade at a meaningful discount.

Merit Group LON:MRIT was the worst performer, down 28%. That’s off the back of a trading update this morning which saw headline figures falter and adjusted EBITDA to March 2025 is now forecast to be 40% below expectations.

And Ethernity Networks LON:ENET was in second to last place with an exercise of warrants the likely driver here. Shares are down 29% but the situation could sour significantly if the stock delivered via the warrants is dumped…

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