In a muted start to the week, London’s junior market spent the day moderately underwater, but losses on the AIM All Share were limited to just over a point, closing the session at 749.47.
- Helium One +151%
- Mosman Oil +31%
- Europa Oil & Gas +24%
- Echo Energy -50%
- Inspecs Group -30%
Helium One LON:HE1 moved higher again today, adding another 128% with last week’s drilling update continuing to float investor interest. Gains since the middle of last week now exceed a whopping 600%, although the stock remains well below levels seen last year. Further drilling updates might lock in these gains, although the profits will look attractive to many short term investors.
Mosman Oil LON:MSMN added 38%, putting it in second place. There’s no fresh news out here, but exposure to the helium sector does mean that the company could be enjoying something of a halo effect from Helium One’s move up.
Europa Oil & Gas LON:EOG gets the notable mention up 24% on the day. The company this morning advised that it had received a license extension approval from the Irish government. Further technical studies are still necessary but it has buoyed investor interest and volumes are significantly higher.
- Helix Exploration: Is rig delay an opportunity to get into this helium success story?
- Helium One shares soar on progress in Tanzania
- Director Deals: Synthomer, Carnival, Europa Oil & Gas
Echo Energy LON:ECHO was the day’s biggest faller, off 50% at the close. This is a minnow of a stock and the closing spread sat at 20%, with the gains from late last week being reversed.
Inspecs Group LON:SPEC was in second to last place, down 30% at the bell. A full year trading update this morning, noting flat revenues which were below expectations. Further cost reductions are expected and a new manufacturing line will come on stream in H1 ’24, giving management cause to be confident regarding the sales outlook. Shares are however down at 12 month lows as a result.
