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SmallCap Round Up: Nanosynth, Rurelec, Angling Direct


The AIM Index may have managed to cling onto positive territory in the early part of Tuesday’s session, but losses on Wall Street at the open knocked sentiment as markets look skittish over those critical debt ceiling talks later. The junior index finished around three points lower at 811.50.

  • Nanosynth +50%
  • Rurelec +44%
  • Angling Direct +15%
  • Tower Resources -54%
  • Anglesey Mining -24%

Nanosynth LON:NNN advanced 50% today before shares were suspended at a price of 0.99p after the company announced it intended to seek approval to appoint liquidators. Presumably the counterintuitive share price move was a result of short covering..

Rurelec LON:RUR added 44% on the day, having announced that it was to dispose of its Argentinian interests for up to £4m – somewhat more than the current market cap of the company. The deal is subject to shareholder approval but would be expected to complete next month.

Angling Direct LON:ANG gets the notable mention, up 15% in the wake of results which were published this morning. The company sacrificed margin for market share and strong sales growth was reported for Q1 ’24 – investors seem happy to zone in on this.

Tower Resources LON:TRP dipped 54% on the day off the back of placing news, with the sell off reflecting the discounted fund raise. Cash will be used to fund further drilling and modelling programs across Africa.

Anglesey Mining LON:AYM slipped 24% on the day, again with the discount reflecting the price of the new raise. Proceeds will be used for projects including commencing drilling for a number of minerals on Anglesey as well as undertaking baseline studies for an Iron Ore mine in Sweden and also general working capital purposes.

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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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