London’s AIM Index made a solid start to the week but saw gains slipping away as the session progressed, reaching the bell three points ahead at 812.3 and underperforming the main board.
- Jersey Oil & Gas +40%
- Saietta Group +25%
- 88Energy +25%
- Tungsten West -53%
- Parkmead -26%
Jersey Oil & Gas LON:JOG was the biggest climber, adding 40% on the day. That extends the gains seen ahead of the weekend break off the back of Friday’s farm-out update, with the shares having added more than 100% since Thursday’s close.
Saietta Group LON:SED jumped 25% on the day following news that an existing US customer had ordered a further 3,000 eDrive systems, worth more than £5m over the life of the contract. The company is hopeful of securing follow-on orders.
88 Energy [LON:88E] gets the notable mention, advancing 25% by the bell. The company released an upbeat statement this morning confirming that target depth had been reached on its latest Alaskan project, with wire logging expected to take a further 5-7 days.
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Tungsten West LON:TUN slipped 49%, finding itself at the foot of the table following news of a restructuring exercise and interim funding round. Shares have lost more than 90% of their value since the stock made its market debut less than 18 months ago.
Parkmead LON:PMG had another difficult day off 26% and extending the losses which kicked off on Friday in the wake of interim earnings news. These left the market underwhelmed with some concern over the cash commitments in play, along with the prospect of further windfall taxes being levied.
