Another day of modest gains for the AIM All Share, which was sitting around three points higher at 3pm. After yesterday’s disappointment over the US rate outlook, a more supportive tone from the ECB may have helped bolster the upside, at least for now, with the index standing at 758.17 by mid-afternoon.
- Revolution Bars +53%
- Oracle Power +21%
- Lok’n Store +16%
- Longboat Energy -20%
- Distil -12%
Revolution Bars Group LON:RBG was top of the board by mid-afternoon following last night’s filing of results, a funding and restructuring announcement and this morning’s relisting of its stock following the suspension after the Easter break. A formal sale process is also ongoing but this at least offers some respite to investors for now. The fundamentals of the market remain challenging, but the stock is trading up 53% ay 3pm
Oracle Power LON:ORCP was in second place, up 21% at copy time. The company this morning announced that it had completed studies for a power plant in Pakistan, making a key milestone in the development of a renewable and green power project at the site.
A notable mention for Lok’n Store LON:LOK which announced it had accepted a cash bid from Shurgard this morning at a modest 16% premium to last night’s closing price. That said the stock has had a phenomenal six months and adding in today’s gains, the uplift over that period is close on 80%. Could a bidding war follow, or is this a well played gambit by management after finely tuning the business?
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Longboat Energy LON:LBE fell notably off the back of full year results issued this morning and at 3pm was the worst performer, down 20%. The company is going through a period of change that ought to deliver a brighter outlook but remains lossmaking and cash balances are being depleted.
Premium spirits maker Distil LON:DIS also had a tough day in the wake of its trading update. Q4 has been something of a shocker and it’s seen as always being the toughest period for the industry, although a turn around does seem to be in play, profitability remains and new distribution deals have been struck. At copy time the stock was one of the worst performers, sitting some 12% lower.
