London’s AIM Index stood just over one point lower at 827.69 by 3pm on Tuesday. Factors including global recession fears and concerns over the state of the US banking sector are keeping a lid on sentiment and tomorrow’s US inflation data will likely be the next directional catalyst for markets.
- Capital Metals +67%
- Clean Power Hydrogen +23%
- Echo Energy +18%
- Purple Bricks -62%
- London Security -24%
Capital Metals LON:CMET topped the board today, adding 67% by 3pm off the back of news that it had signed an MoU for an offtake agreement with China’s LB Group. The deal sees LB guarantee to take 100% of output at market price for the entire project life, with any project expansion costs met on a 50/50 basis. The move pushes the stock back to six month highs.
Clean Power Hydrogen LON:CPH2 advanced 23% to find itself in second position on the day. There’s no specific news here but today’s jump does start to push the stock back to last February’s IPO levels.
Echo Energy LON:ECHO gets the notable mention, adding 18% and finding itself in third place by copy time. The company made an announcement this morning regarding a proposed asset sale and perhaps more critically a modest equity issue at a premium of more than 100% to last Friday’s closing price.
Purple Bricks LON:PURP was the day’s biggest faller, off 62% on the day after a harsh warning from management this morning. Payment providers are withholding funds and that’s accelerating the formal sale process timeline, which the board have cautioned as it stands will see shareholders left significantly offside.
London Security LON:LSC was the second worst performer by 3pm, off 24%. The company has a significant market cap of almost £300m but saw thin trade and the spread accounts for around half of the move.
