London’s AIM Index has continued to unwind, shedding a further three points on Thursday to settle at 969.51.
Has lockdown driven a surge in stamp collecting? Stanley Gibbons LON:SGI found itself at the top of the board on Thursday, adding an enthusiastic 28% in a day of very brisk trade. There’s no corporate news out to support the gain and interim results are still over a month away, but shares at one point did come close to highs for the year.
4D Pharma LON:DDDD surged during the session, adding over 20% off the back of news that the company was set to be acquired by a “SPAC” and would seek a NASDAQ listing. These special purpose acquisition companies are seen by some as being controversial, but the proposal would provide valuable funding for 4D, whose shareholders would still own over 85% of the business.
Panthera Resources LON:PAT is back on the list, but for a second day it’s the sizable fall of 27% that is attracting attention. The stock has now given back more than half of the gains accrued at the start of the week, but with no solid news emerging, speculators appear to be booking profits.
Alien Metals LON:UFO was another big decliner on the day, slipping 23% by the close. The company published a couple of announcements ahead of the opening bell, one of which flagged a very modest dilution following the exercise of warrants, whilst the other detailed an earn in a Mexican mine. In short, it seems that the take-away was simply investors had been expecting more.
A notable mention for Ascent Resources LON:AST, a £4m resources firm which saw its valuation rise by more than 20%. That put the stock at levels not seen since February after the company provided a positive market update as it attempts to resolve an outstanding issue with the Slovenian government. Direct negotiations rather than the previously suggested litigation now lie ahead and there appears to be confidence that this may deliver a favourable outcome.
