After the modest gains from the latter part of last week, normal service has resumed for the AIM All Share Index with losses of around two and a half points being recorded by 4pm on Monday. With the jury still out on the timing of US rate cuts, the uncertainty looks set to prevail for a while longer yet.
- Quantum Blockchain +38%
- Versarien +31%
- GCM Resources +21%
- LoopUp Group -71%
- Global Petroleum -34%
Quantum Blockchain LON:QBT was topping the board heading towards the close on Monday, with shares some 38% higher. The fact that Bitcoin remains on something of a tear will be lending support here and whilst the uptick may look aggressive, it only just recovers the losses of the last couple of months.
Versarien LON:VRS was up 31% after notifying the market it had sold its South Korean assets for £604,000. An IP licensing deal has also been struck with the asset buyer.
GCM Resources LON:GCM gets the notable mention up 21% heading towards the bell. This morning management announced they had signed a contract with PowerChina to cover the $1bn development cost of facilitating coal extraction from the Phulbari project.
LoopUp Group LON:LOOP was the day’s biggest faller, off 71% after the company announced it planned to abandon its public market listing as part of its turn around strategy. There’s a loan that needs refinancing in the autumn and management noted that cancelling the listing was key in restructuring the business.
Global Petroleum LON:GBP was down 34% approaching the closing bell. After a tenure of barely three months, the chairman’s resignation – with immediate effect – was announced this morning. The statement contained no additional detail but investors appear to be working on the basis that there’s no smoke without fire. Volumes were unsurprisingly significantly higher than average levels.
