At 4.15pm, London’s AIM Index was just under two points lower at 713.86, although more broadly November is set to be the best one month percentage gain for the junior market in more than a year.
- GCM Resources +52%
- Quadrise +28%
- Ashtead Technology +22%
- Ethernity Networks -30%
- Proteome Sciences -25%
GCM Resources LON:GCM added 52% on the day to top the board at 4.15pm. This is a run on from yesterday’s uptick following Tuesday evening’s news of an MOU having been signed. It is however worth noting that the stock is now trading on quite an exaggerated spread but volumes have been significantly elevated.
Quadrise [LON:QED] added 28% by copy time. Momentum is being maintained off the back of the recent AGM resolutions but there’s no news beyond this – at least not yet.
Ashtead Technology LON:AT. gets the notable mention, up 22% following news that it had acquired the parent company of ACE Winches for £53m. That’s slightly below the company’s reported NAV and should also generate £43m worth of revenues for the year to Dec 23. At a wider level the board have upgraded their own profit forecasts for the year, too.
- Small Cap Stocks: Synectics, GCM, Chariot O&G
- Small Cap Stocks: Orosur Mining, Ethernity Networks, Coro Energy
- Small Cap Stocks: Mercantile Ports, Oncimmune, Ethernity Networks
Ethernity Networks LON:ENET surged at the open yesterday on contract news but has been giving back some of those gains as Thursday has progressed and the market also started to factor in the issuance of new equity. The stock is still up 55% on the week, but down 30% on the day.
And Proteome Sciences LON:PRM was the second worst performer, off 25% at copy time following a trading update. Project delays will reduce revenues for the full year, with the income being bumped into FY24 as a result. Management expect a more positive environment going forward but investors have clearly baulked at the news.
