The AIM Index has started the second half of the year by extending Friday’s gains although upside has been somewhat tentative, with the all share reaching the closing bell around one point higher at 754.48.
- Yourgene Health +144%
- Orcadian Energy +38%
- Novacyt +26%
- Zanaga Iron Ore -32%
- Panthera Resources -19%
Yourgene Health LON:YGEN topped the board today in the wake of news that Novacyt had tabled a bid for the company. The 144% uptick reflects almost all of the bid premium, with the acquisition pushing shares back to levels not seen since last December.
Orcadian Energy LON:ORCA was in second place, up a rather more modest 38%. Shares started seeing meaningful gains at the end of last week and have now rallied more than 100% since Thursday. There is however no apparent news and the spread accounts for much of today’s upside.
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Zanaga Iron Ore LON:ZIOC is back on the list. Shares found some support late last week but this morning’s annual results publication was evidently underwhelming. The share price has now reversed all of the gains posted over the last fortnight and reached the bell down 32% on the day.
Panthera Resources LON:PAT was the second worst performer, off 19% at the bell. The company issued an arbitration financing update today, notifying of an extension of the due diligence process which is currently being undertaken by a funding partner. The process had been expected to conclude by the end of last week. Today’s slide reverses the gains posted over the last fortnight.
Novacyt [LON:NCYT] gets the notable mention, up 26% off the back of that acquisition news. That’s a great endorsement for the move as despite the premium being paid, it suggests that the idea of synergies being available are well founded.
