It has been a muted start to the week for London’s AIM Index, with some modest downward pressure as investor uncertainty over the timing of a Bank of England rate cut still lingers. The All Share finished off just under two points at 747.26.
- Thor Energy +23%
- Power Metal Resources +19%
- IQGeo Group +15%
- Bushveld Minerals -31%
- Jadestone Energy -18%
Thor Energy LON:THR topped the board, up 23% on the day. Rising uranium prices appear to be lending support here, but the stock also saw limited trade. The closing spread wasn’t too overblown at 5%, but the gains could prove difficult to sustain unless backed up by some positive news from management.
Power Metal Resources LON:POW added 19% although most of that was accounted for in the spread. Again trades were lumpy but an MoU signed on Friday with the Saudi government combined with the country upping its resource estimates could justify the optimism.
IQGeo LON:IQG added 15% to take the notable mention, supported by a trading update. A lot of the uptick is accounted for in the spread but the move helps recover some of the losses seen since the start of the year. Critically the group expects to report full year growth on all metrics comfortably ahead of current market expectations.
- Katoro Gold expands horizons with Canadian uranium project
- Small Cap Stocks: Indus Gas, Futura Medical, Jersey Oil & Gas
- Small Cap Stocks: Empyrean, Beacon Energy, Bushveld Minerals
Bushveld Minerals LON:BMN was the worst performer, off 31%. That’s after advising the market this morning that a $12.5m expected payment from Southern Point Resources hadn’t been forthcoming. SPR had on Jan 3rd promised funds within a week.
Jadestone Energy LON:JSE finished the day in second to last place down 18% at the bell following the publication of a corporate update along with full year guidance. The overall theme was positive but investors appear to have jumped on the idea that some life of field costs will now be higher than had been forecast. Whether that warrants such bruising losses remains to be seen.
