The AIM index saw another day of steady gains on Wednesday, closing almost six points higher at 1018.21.
- Tanfield Group up 34%
- Avacta Group up 29%
- Velocys up 18%
- Immedia down 13%
- Ncondezi Energy down 12%
Tanfield Group [LON:TAN] has been in our focus before, although usually at the foot of the board. Today its shares jumped by more than a third, although we need to offer up the usual caveats about wide spreads and low market caps. Looking at recent orders it does seem to be a late buy that skewed the position, but trade has certainly been brisk during the session.
Avacta Group [LON:AVCT] landed second place today, with shares having added 29%. The gains were weighted towards the latter part of the session, although there has been no news forthcoming. The company has developed a saliva test for COVID so any positive announcement off the back of this could justify the momentum – although if that is the case questions will likely be asked as to quite why shares moved so much ahead of any release.
At the foot of the board it’s Immedia [LON:IME], down 13%. There’s no news and trade hasn’t been all that brisk, but sellers have evidently been out in force. One to watch.
Ncondezi Energy [LON:NCCL] is also on our radar again, this time with another slump as shares retreated 12%. The stock found favour yesterday off the back of news that a key shareholder had expanded his stake, but with this project having a long timeline to fruition, did some investors decide to cash in as shares passed pre-COVID highs?
A notable mention for Velocys [LON:VLS] which also had a good day, closing some way below mid-session highs but still adding 18%. Again there’s no specific news here but this morning’s announcement by the PM regarding environmental targets could have refocused attention on the company which is pushing ahead with a plant to generate sustainable aviation fuel.