London’s AIM Index has just held above that 700 level as the new trading week gets underway, shedding less than a point but still significantly underperforming the main board.
- Clontarf Energy +25%
- Rua Life Sciences +22%
- Global Petroleum +20%
- Amte Power -26%
- Rockfire Resources -25%
Clontarf Energy [LON:CLON] was the day’s biggest gainer, up 25% at the close, although a large proportion of this was accounted for by the spread. Volumes have been meaningfully elevated but there’s no news out to back the move and it simply recovers losses from the last few weeks in what could be nothing more than opportunistic bargain hunting.
Rua Life Sciences [LON:RUA] added 22% on the day, with the stock extending gains from Friday’s notification of an individual investor – apparently a former high performing fund manager – building a stake. The stock has recently been wallowing around all time lows.
Global Petroleum [LON:GBP] gets the notable mention, up 20%, again on the back of stakebuilding news by an individual investor. This is the second time in a matter of weeks we have seen a move like this and activist shareholders are now looking to eject the current senior board in a bid to salvage the company.
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Amte Power [LON:AMTE] was the worst performer, down 26%. The company issued a financing update after the close on Friday, noting that there was sufficient cash to last two more weeks but the completion of a £2.5m funding round was critical in ensuring longer term survival.
Rockfire Resources [LON:ROCK] slipped 26% following the stock’s return from a temporary listing suspension. The company has had to withdraw from a planned acquisition owing to the UK government having placed sanctions on one of the connected parties. The spread accounts for most of the sell-off but does this risk looking overdone?