With confidence building that the US is fighting off recessionary threats, at least a degree positive sentiment has been in evidence for equities on both sides of the Atlantic today. London’s AIM Index only made a modest advance however, ending less than half a point up on the day at 736.22
- Beowulf Mining +31%
- Smartspace Software +27%
- Maintel Holdings +18%
- United Oil & Gas -36%
- Zenova -27%
Beowulf Mining LON:BEM topped the board, adding 31% on the day. The company issued an update on its Kallak iron ore project this morning in the face of an ongoing battle to secure mining concessions in Sweden. The government has now doubled down on its commitment to support the bid, stating that the mines are in the national interest. Despite that statement being made on Thursday it’s only today following the regulatory filing that we’re seeing the market reaction.
Smartspace Software LON:SMRT added 27% on the day following news that it had received a non binding indicative proposal regarding a possible bid for the company. The pricing details aren’t disclosed but the note does point out that the offer is at a level that the board would be minded to put its weight behind.
Maintel Holdings LON:MAI gets the notable mention, up 18% on the day following its trading update and notice of results. A root and branch reorganisation of the business is seen to be yielding good results with improved revenues and cost savings both in evidence.
- Small Cap Stocks: Surface Transforms, Orcadian Energy, Tan Delta
- Small Cap Stocks: Oxford Biodynamics, Mirriad, United Oil & Gas
- Small Cap Stocks: AFC Energy, United Oil & Gas, Feedback
United Oil & Gas LON:UOG is off 36% on the day, in the wake of two releases. An update on the company’s Jamaican assets showed it has secured a two year extension to the original exploration license but needs to find a strategic partner to derisk and support the program. However more worryingly is that the company is also now in default on a project in Kuwait and whilst attempts to rescue this situation are ongoing, it’s clearly rattled investor confidence.
Zenova LON:ZED fell 27% in late trade today. There’s no news out and only a few orders appear to have been placed so it’s difficult to ready much into this. Admittedly we have seen a slew of recent positive announcements but with the stock wallowing at all time lows, enthusiasm is clearly in short supply…
