London’s AIM Index managed another uptick on Thursday although gains were overshadowed by those seen on Continental bourses. ECB fence-sitting over the timing of any rate cuts clearly remains more favourable than the BoE’s challenges of being painted into a corner. The All Share closed one and a half points higher at 740.37.
- Strategic Minerals +50%
- Evgen Pharma +18%
- Symphony Environmental Technologies +18%
- Bango -41%
- Oxford Biodynamics -20%
Strategic Minerals LON:SML topped the board, having advanced 50% on the day. The company provided an update on its Cobra magnetite operation in New Mexico, where the return of a major client is boosting the outlook for 2024 and there’s hope that other sites will also bring good news in the coming months. Whilst cashflow is tight, the return of the existing customer on attractive payment terms is welcome and an after tax cash surplus is expected by the year end.
Evgen Pharma LON:EVG also had a productive day, adding 18% by the bell. Trade has been lumpy but there’s clear buying demand, driving a closing spread of some 13%. The stock did however test rock bottom levels yesterday.
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Symphony Environmental Technologies LON:SYM added 18% on the day to take the notable mention again with a trading update helping, showing full year revenues as being slightly higher. The note also added that an ongoing case against the EU will receive judgement at the end of the month. A ruling on Symphony’s favour could pave the way for a significant settlement.
Content distributor Bango LON:BGO was the worst performer, some 41% lower at the close. A trading update for the full year saw a 62% increase in revenues and positive EBITDA, although the print here is set to be below analyst expectations, owing to factors including timings, unplanned costs and significant FX headwinds. Cash in hand is however ahead of predicted levels, so could this correction be overblown?
A notable mention for Oxford Biodynamics LON:OBD who slipped 20% on the day, extending the losses of Wednesday off the back of results which hinted that a further funding round may be necessary in the year ahead.
