Equities have posted another up day as confidence grows that a full blown banking crisis can be averted and that central banks may offer a degree of respite when it comes to the tightening of monetary policy. At the close, the AIM Index sat almost seven points higher at 804.05.
- Global Petroleum +22%
- Manx Financial +22%
- SpaceandPeople +18%
- EQTEC -29%
- Renalytix -14%
Global Petroleum [LON:GBP] added 22% on the day to lead the board. The only news out is that a nominee had significantly sold down a holding in the company yesterday, but given the scale of today’s rebound, are further updates looming?
Manx Financial [LON:MFX] added 22% off the back of some well received full year results. Pre-tax profits added over 70% and the company is optimistic over the outlook given the expectations are now that any economic slowdown in the UK will be less aggressive than previously forecast.
SpacesandPeople [LON:SAL] added 18% to get the day’s notable mention. This morning’s trading update was well received by investors, with unaudited revenues being in line with expectations. Trading momentum is reported as continuing well into the early part of 2023.
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EQTEC [LON:EQT] was the biggest faller, off 29% on news of a proposed funding round which is set to take place at a 23% discount to market price. The oversized sell off here speaks for itself, with only part of the proceeds being used to fund new projects, the remainder going on paying down debt.
Renalytix [LON:RENX] was 14% lower at the bell. This morning the company advised that an approval process with the FDA was still progressing but the likely decision date has been pushed by to the end of Q2 ’23, taking the stock back to fresh lows for the year.