London’s AIM Index attempted to push higher at the open but gains were hard to come by, whilst the index tapered into the close, reaching the bell just over one point higher at 1250.86.
- Tavistock Investments +60%
- Sareum Holdings +18%
- I-Nexus Global -13%
- Oriole Resources -10%
- Norman Broadbent +10%
Tavistock Investments [LON:TAVI] charged higher today, reaching the bell some 60% ahead. The company has entered a strategic partnership with Titan Wealth and also agreed the disposal of its own wealth division in a deal which will be worth up to £40m. Given the firm had a market cap of around £16m this morning, the reaction is arguably justified even on the basis that half of this deal will only be paid out subject to revenue targets being met in the coming years.
Sareum Holdings [LON:SAR] added 18%, extending the run higher that has been underway since the start of the month following the fundraising which was completed at a premium. The stock evidently remains in demand and volumes have again been elevated during the session.
The notable mention goes to Norman Broadbent [LON:NBB], the recruiter who made it onto our radar a couple of times last week by virtue of its volatility. Shares were on the up again today, adding 10% although transaction volume was limited and the move remained within the spread. This could be considered a mean reversion after that overreaction last week.
At the foot of the board, I-Nexus Global [LON:INX] was the biggest casualty with losses limited to just 13% at the bell, although some further unwinding appears to have been seen in the auction. There’s no news here, but the usual waivers of a small market cap and a wide spread can be used, along with the fact trade has been exceptionally thin.
Oriole Resources [LON:ORR] was off 10% at the close, with drilling results released this morning receiving a tepid reception from the market, and a subsequent RNS advising of a £46k tax rebate failing to improve sentiment, either. The stock spiked off the back of drilling news just over a month ago, but with this evidently failing to map out in a way many had expected, shares are languishing at levels not seen since the start of the year. Admittedly that’s still 150% up from a year ago, but well down from the mid-February highs.