London’s AIM Index has sought out some marginal gains during Thursday’s trade, maintain the week’s positive momentum and underlining the general positive sentiments that are underlying global sentiment right now. At the bell, the All Share was up almost two points at 746.81.
- Helium One +84%
- Beowulf Mining +30%
- United Oil & Gas +10%
- Bowleven -30%
- IXICO -18%
Helium One LON:HE1 added 84% on the day to top the table off the back of a drilling update. On closer inspection however this was a marginal development of good news, but something that still needs further test results to lock in gains. It also does little to reverse the hulking sell off seen for the stock in the latter part of 2023.
Beowulf Mining LON:BEM was in second place, up 30% on the day. There’s no new news here but an update released yesterday failed to realise much upside. This is typically a relatively thinly traded stock and it closed on a 15% spread, but interest is certainly improving.
United Oil & Gas LON:UOG gets the notable mention, up 10% on the day. The company conformed the extension of the Jamaica license today and whilst this helped reverse some of the losses posted at the start of the week, gains were muted and again the closing spread overshadowed the uptick.
- Helix Exploration: Is rig delay an opportunity to get into this helium success story?
- Small Cap Stocks: IXICO, Jersey Oil & Gas, Distil
- Small Cap Stocks: Landore Resources, Bowleven, Chaarat Gold
Bowleven LON:BLVN was at the foot of the board, off 30% on the day. The company this morning advised that a conditional sale transaction had been terminated, a process that management had hoped would accelerate development progress on the Etinde JV. This is however a market minnow and the move sits within the quoted spread.
Thinly traded IXICO LON:IXi was in second to last place, off 18% at the bell. The company published AGM results today which showed no cause for concern but today’s performance does look rather apathetic, knocking the stock to fresh all time lows. The last earnings release did note that any improvement in performance would likely have to wait until 2025 at the earliest.
