Losses may have only been modest, but the AIM index was again in reverse during Wednesday’s session, shedding just over eight points to close at 981.34.
- Solo Oil up 51%
- Alien Metals up 49%
- Oilex down 17%
- STM Group 16%
- ASOS down 11%
Solo Oil [LON:SOLO] has found itself back in focus, having added a further 60% during Wednesday’s trade. Following the update at the start of the week, today’s move appears to have been driven by a settlement notice from an investor company. Full details are in the RNS but critically this means shares have close on doubled in price since the end of last week.
Alien Metals LON:UFO has been noted for large price swings in the past but found itself embedded as the second biggest winner of the day, adding 49% by the close. No fundamentals are behind the move but there’s expectation of an update from the business in the coming weeks.
Oilex [LON:OEX] was the day’s biggest faller although there’s no news behind the move. Shares are off 17% but closed on a wide spread and have a modest market cap of just £3m.
STM Group [LON:STM] was the day’s second biggest casualty, dropping 16% following this morning’s trading update. This saw the business downgrading its prospective business outlook and investors were quick to shun the stock as a result.
The notable mention goes to ASOS LON:ASC which posted stellar growth in its final results this morning. Despite revenues rising, margins took a toll and given the impact of COVID-19, normality still seems a long way off. The business is well positioned to capitalise on future growth but this appeared to be a trigger for booking profits. Shares in AIM’s largest company by market cap closed down 10%.
