London’s junior market has started the week in an utterly benign fashion, trading within a five point range and finishing the day just over one point ahead at 1087.03.
- SpaceandPeople +43%
- Pantheon Resources +41%
- Avacta Group -23%
- Genedrive -12%
- Quantum Blockchain +16%
SpaceandPeople LON:SAL topped the board today off the back of a well-received trading update. Whilst the numbers showed good positive momentum, they also laid out a position where the cash in hand was meaningfully more than the company’s market cap, which arguably added further support. The stock reached the bell some 43% ahead.
Pantheon Resources LON:PANR also had a good start to the week, climbing 41% on the day. The company issued a testing update this morning, with results critically being deemed by management to have exceeded expectations. Whilst there’s still a degree of caution in play as to how this might play out, the upside has the potential to be very bullish indeed – although in all fairness that’s far from unusual for the sector.
A notable mention for Quantum Blockchain LON:QBT which added 16% today, Despite the rebound in crypto prices which started at the end of last week, gains only really came to life once the US session was underway. With BTCUSD having advanced 20% from Thursday’s lows however, the gains do seem easy to rationalise.
At the foot of the board, Avacta LON:AVCT was the day’s worst performer. Losing 23% through Monday’s session, the company had incurred big losses a month ago after it suspended sales of its COVID LFTs and although gains were posted at the end of last week following an update on core trials being extended, this only seems to have flushed out more shorting.
Genedrive LON:GDR also struggled, reaching the bell in second to last place off 12% on the day. Volumes were far from abnormal but it looks as if investors are growing impatient over a lack of news updates.
