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SmallCap Round Up: Oriole Resources, Myanmar Investments, Rua Life Sciences


London’s AIM index has seen a positive start to the week, outperforming the main board and adding around three and a half points to reach 722.48 at the close.

  • Oriole Resources +76%
  • Myanmar Investments +64%
  • Rua Life Sciences +43%
  • Velocys -59%
  • Active Energy -48%

Oriole Resources [LON:ORR] topped the board, adding 76% on the day. The company advised the market this morning that it had signed a heads of terms agreement with Ghana based BCM International to fast track exploration at two gold mines in Cameroon. Whilst the deal is non-binding, investor reaction has been positive and helps reverse losses accrued over the last four months.

Myanmar Investments [LON:MIL] added 64% on the day, although trades were thin on the ground and there’s no formal news out. The move was around the spread.

Rua Life Sciences [LON:RUA] advanced 43% on the day, taking the notable mention. This morning’s strategy update was well received by the market although trade was somewhat lumpy and the buying demand had the effect of leaving a closing spread of almost 15%.

Veolcys [LON:VLS] was the biggest faller, off 59% at the bell after a funding update and potential offer was announced to the market. The company needs funding by the year end but this proposal leaves the company seemingly facing a lose-lose choice. Failure to accept the funding offer this late in the day would make alternative optiosn difficult to source.

Active Energy [LON:AEG] was the second biggest faller, off 48%. The company provided an update on a production facility being developed for its use by a third party. Continued delays here are going to hit booked sales and although management are looking at solutions, the market reaction suggests the bottom line will be hit.

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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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