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SmallCap Round Up: Longboat, Empyrean, Hummingbird


London’s AIM Index may have made a good start back after the long weekend, but pockets of heavy selling on Wall Street alongside fears that another retail bank could fail have been weighing on sentiment on both sides of the Atlantic. The junior market closed down one and a half points at 828.48.

  • Longboat Energy +108%
  • Empyrean Energy +20%
  • Hummingbird Resources +18%
  • Made Tech -28%
  • Ienergizer -20%

Longboat Energy LON:LBE more than doubled in value today to close some 105% higher in the wake of investment news from Japan Petroleum Exploration (JAPEX). Up to $50m is being invested in the company in return for a 49.9% stake in the combined venture. Given the market cap in the wake of today’s news is only just above £11m, there could still be significant upside here.

Empyrean Energy LON:EME was in a distant second place, up 20% in a relatively quiet market.  The stock jumped after management released an update on the divestment of interests in the company’s Mako gas field.

Hummingbird Resources LON:HUM was some 18% higher at the bell, again having updated the market this morning. Management advised that the company’s Kouroussa Gold Mine processing plant had reached practical completion and was moving towards commissionsing with the first gold pour expected this quarter.

Made Tech LON:MTEC was the day’s biggest faller off 28% at the bell. A trading update published this morning noted that despite a strong performance in March, a number of customers were rephasing work and that will hit full year revenues. However with the focus on public sector repeat business, this could be a stock with longevity.

Ienergizer LON:IBPO slipped 20% on the day, with the company remaining under pressure off the back of recent delisting talk.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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