London’s AIM all share managed a rare day of gains on Tuesday, adding just over two and a half points by the bell to close at 689.46. For context, that’s just the second up-day we have seen recorded so far this month.
- Craven House Capital +38%
- Red Rock Resources +28%
- Destiny Pharma +25%
- i-Nexus Global -22%
- Borders & Southern -15%
Craven House Capital [LON:CRV] added 38% on the day, after providing an update on two portfolio companies. They may be bought out by Amigo holdings, the sub prime lender which is currently going through an orderly winding up of business. There’s an exclusivity period now in play through to mid-December, but Craven cautions it’s early days and there’s no certainty the transactions will complete.
Red Rock Resources [LON:RRR] was 28% higher on the day. The stock saw a significant increase in activity late last week following an update on its Central African activity and that’s been repeated today, although the spread does count for a material part of the uptick.
Destiny Pharma [LON:DEST] get the notable mention having advanced 25% by the bell, following the publication of a pair of updates before the open. It has announced that an antibacterial drug has proved effective where other antibiotics have met resistance. This holds massive market opportunity – there could be a lot more upside to be seen here.
- SmallCap Round Up: T42 IOT, Cordel, Merit
- SmallCap Round Up: Verditek, CAP-XX, Ensilica
- SmallCap Round Up: Renalytix, Futura Medical, 88 Energy
i-Nexus Global [LON:INX] was the biggest faller, off 22%. An update published this morning advised that a customer generating £54k if revenue per month intends to cancel the contract at the end of the calendar year. Mitigating actions are being deployed the impact but this will push the FY24 run rate below that of FY22. Management add that this was the last customer operating on a highly customised version of the platform so there are potential savings to be gained as new clients will be using less cost-intensive products.
And Borders & Southern [LON:BOR] came in second to last place, off 15%. There was however limited trade in the stock, a wide spread and there’s been no news for a couple of weeks since the release of the half year report at the end of September.
