London’s AIM Index made a valiant start to the week, holding largely in positive territory until the closing hour when it dipped lower, reaching the bell down by just over a point at 715.11.
- Ethernity Networks +49%
- GCM Resources +39%
- Cornerstone FS +35%
- Bezant Resources -31%
- Fusion Antibodies -23%
Ethernity Networks LON:ENET makes our list again, this time with gains of 49% by the bell. The stock rallied last week off the back of new contract news although an issue of new equity served to pare gains. Volumes remain somewhat elevated, with no shortage of buying activity to report.
GCM Resources {LON:GCM] added 39%, extending last week’s gains in the wake of news that the company had extended an MoU. There’s no further official news but volumes again remain elevated and politicians in Bangladesh where the company has operations are sending increasingly supportive messages for the company.
Cornerstone FS LON:CSFS gets the notable mention, adding 35% on the day. A trading update this morning put performance for FY23 as being set to come in materially higher than expected and that momentum is being maintained.
- AIM Market Roundup: Ethernity Networks, Verici DX, Aferian
- AIM Market Roundup: Rome Resources, Celadon Pharmaceuticals, Churchill China
- AIM Market Roundup: Strategic Minerals, Galileo Resources, Light Science
Bezant Resources LON:BZT was at the foot of the table, down 31% on the day. That followed news of an £800,000 placing which was at a 29% discount to last night’s close. Two directors collectively staked £27,000 and the proceeds of the raise will be used to fund a series of projects, as well as corporate overheads.
Fusion Antibodies LON:FAB dropped 23% in the wake of a half year report. Headwinds relating to the VC funded biotech sector contributed to a two thirds decline in revenues, whilst losses advanced marginally. Management note however that momentum is building and there’s £0.5m cash at hand, up from £0.2m at the end of the full year in March. Cost controls are in place to extend the runway as far as possible, but many will be eyeing the prospect of further funding.
