The AIM Index started the day in a relatively reserved mood, but ahead of the US open and despite a softening in oil prices, the market slumped in the latter part of the day, reaching the bell some 21 points offside at 1006.65.
- Synairgen +37%
- Kropz +25%
- DotDigital -54%
- Europa Oil & Gas -26%
- N Brown -24%
Synairgen [LON:SNG] topped the board today, adding 37% by the bell. This morning the company released an update on its SNG001 protocol, with studies out of the Netherlands showing potent antiviral activity against both the Delta and Omicron variants of COVID. The stock sold off sharpy yesterday and part of today’s news was a little less upbeat so this really just recoups those recent losses and it also needs to be remembered that the stock continues to languish well below those levels of early February.
Kropz [LON:KRPZ] also fared well today, tacking on 25% by 4.30pm. There’s no formal news out here, but the stock has been griding its way higher since the start of the year and today’s closing spread of 20% suggests that there’s little appetite amongst sellers right now.
At the other end of the board, Dotdigital [LON:DOTD] was the biggest faller, shedding 54%. Beyond news of a director resignation owing to health issues there’s nothing else of note here, although this is the second member of management to announce their departure in less than a week and that appears to have left investors somewhat skittish.
Europa Oil & Gas [LON:EOG] is also struggling off 26% on the day. That however comes off the back of placing news and the shares are still trading above the new issue price. The stock has certainly been in for a volatile spell, sitting at 1.65p on Feb 14th, hitting 3.55p two weeks later and now languishing back at 1.9p.
Finally, a notable mention for clothing retailer N. Brown [LON:BWNG] who issued a trading statement this morning. As we noted this morning, “Inflationary pressures however mean that expectations for revenues in the coming year will show limited scope for growth, before macroeconomic headwinds recede, allowing expansion to resume. Whilst gross margins are expected to improve as the company responds to inflation, the prospect of stagnant headline figures may leave investors underwhelmed.” – evidently that was very much the case!
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