We’re taking a slightly earlier copy deadline of 3pm today, and despite the AIM Index starting in a moderately upbeat mood, an uncertain open on Wall Street appears to be taking a toll. By 3pm the All Share was around one point lower at 751.71.
- Great Western Mining +47%
- Scirocco Energy +33%
- Cornerstone FS +17%
- Mercantile Ports -42%
- Marks Electrical -27%
Great Western Mining LON:GWMO added 47% following an update on its 50% owned process mill in Nevada. Construction is now complete and the regulatory permit process is advancing well. As soon as environmental permits have been received, operations can get underway.
Scirocco Energy LON:SCIR added 33% on the day, although this was in lumpy trade following the successful conclusion of a General Meeting. The spread also accounts for the majority of the upside so the question has to be whether the uptick has any longevity.
Cornerstone FS LON:CSFS gets the notable mention, up 17%. The company issued a full year trading update, noting that momentum had been maintained from the previously mentioned solid performance. FY margin improvement is anticipated and EBITDA is set to come insignificantly ahead of market expectations.
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Mercantile Ports [LON:MPL] was the biggest loser at 3pm, off 42% following the publication of a trading update. The headline here is of an upbeat performance, but the recent acquisition of a port has seen a short term impact on volumes. Revenues for the full year are now expected to be £5.4m and whilst that’s moderately higher than the comparative, the early momentum hasn’t been sustained.
Marks Electrical LON:MRK was in second to last place, again off the back of a trading update. Revenue growth for the full year is set to fall short of expectations and margins have also been eroded. The question here however is whether this warrants the significant marking down that has been seen on the stock as a result which was 27% lower at copy time.