A strengthening US Dollar has often been a buy signal for the AIM Index, but not today. With a Federal government shut down averted and bond yields still climbing, a risk off mindset is prevailing, leaving the junior index trading down almost eight points at 718.44 by the close.
- Zanaga Iron Ore +61%
- ValiRx +34%
- Eqtec +32%
- Horizonte Minerals -60%
- Uru Metals -32%
Zanaga Iron Ore [LON:ZIOC] was leading the pack into the start of Q4, adding 61% and extending Friday’s gains seen off the back of the company’s interim results. The stock saw a second successive day of elevated volumes, although the spread on the £50m company is standing in excess of 10%.
ValiRx [LON:VAL] surged 34% off the back of heavy buying interest in the stock. An operational update last week provided no meaningful impetus for the market but gains have been forthcoming today as supply of the stock dries up.
Eqtec [LON:EQT] gets the notable mention, up 32%. There was a modest director purchase today, but the stock was languishing. Reading too much into this however could be foolish.
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Horizonte Minerals [LON:HZM] was the day’s biggest faller, off 60%. The company offered an update on its Araguaia Nickel project, where additional work has been deemed necessary in order to derisk the operation. Those added costs are clearly unwelcome.
Uru Metals [LON:URU] was in second to last place, down 32%. The company published final results after the bell on Friday, highlighting that the production of class 1 Nickel was set to remain tight in the short term. However this is a minnow of a stock and the move still sits within the quoted spread.
