Last night’s dovish call from the FOMC has boosted sentiment for stocks almost universally but London appears to be one of the biggest beneficiaries. At 11.30am, the AIM Index was more than thirteen points higher at 737.29 leaving the junior market on course for its biggest one day percentage gain of the year so far.
- Versarien +24%
- CAP-XX +23%
- Music Magpie +20%
- Red Rock Resources -19%
- ADM Energy -19%
Versarien LON:VRS added 24% by 11.30am on the day, topping the board. That reverses yesterday’s unsubstantiated sell off and again volumes are thin with the gain being inside the quoted spread.
CAP-XX LON:CPX was in second place by late morning, up 23%. Again there’s no news and volumes are far from abnormal. Add to this a 9% quoted spread and it’s difficult to see beyond the noise here.
Music Magpie LON:MMAG gets the notable mention, up 20% after publishing a pre-close trading update. A record black Friday contributed to an uptick in EBITDA and helping offset a soft start to the year. Gross margin improvements and increased cost control have combined to move EBITDA forecasts to £7.5m, up from £6.5m a year ago.
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Red Rock Resources LON:RRR was languishing at the foot of the table, off 19% following a discounted funding round. The stock is however still trading at a premium to the raise price, perhaps offering some modest hint of investor confidence.
ADM Energy LON:ADME slipped 19% at copy time. The minnow – valued at around £1.5m – tends to see limited interest and today’s trade has again been lumpy. There’s no news around to support the move but the stock is certainty struggling.
