London’s AIM Index has made an upbeat start to the week, locking in early gains and outperforming many peers as a result. At 4.30pm the index sat two points higher at 832.34.
- Vast Resources +50%
- Intelligent Ultrasound +49%
- DeepVerge -47%
- Microsaic Systems -29%
- Quiz -22%
Vast Resources LON:VAST topped the board, adding some 50% by the close. There’s no formal news and these latest gains still pale in comparison to the upside reported at the end of January following the interim results, but if the rally can be maintained as the week progresses then talk of a re-rate may look justified.
Intelligent Ultrasound LON:IUG was in second place, some 49% higher. Weekend media coverage tipping the stock appears to have been the key driver here with volumes significantly higher than average but no other news in play.
DeepVerge LON:DVRG was the day’s worst performer, off 47% at the bell. The company provided a revenue update this morning following a boardroom shake up. That has revealed errors in forecasts and FY22 revenues are tipped to come in at 45%-50% of the previously stated figure. Whilst much of the shortfall will now be recognised in FY23, management are now exploring financing options to maintain the business as a going concern.
Microsaic Systems LON:MSYS slumped 29% on the day. The company collaborates with DeepVerge although there’s no suggestion that their numbers will be impacted by this. The closing spread was rather wide and the temptation may be to buy in at these levels.
- AIM Market Roundup: Staffline, Vast Resources, Orosur Mining
- AIM Market Roundup: Marechale, Oxford Biodynamics, SDX Energy
- Small Cap Stocks: Catenai, Genip, ValiRx
The notable mention goes to Quiz LON:QUIZ, down 22% on the day. We don’t normally pick a faller for this but Quiz reported earnings this morning. Having enjoyed a good return to normal trade last year, management are stressing that economic uncertainty is hampering visibility for the FY24 outlook.