London’s AIM Index started the week on a downbeat note, with negative sentiment building on both sides of the pond. By 4.30pm the junior market has shed almost 17 points to sit at 1170.55.
- Tintra +186%
- Chariot Oil & Gas +39%
- Caspian Sunrise +15%
- Avacta -33%
- Abingdon Health -23%
Shares in Tintra [LON:TNT] surged phenomenally higher today off the back of a subscription round which took place at a significant premium to current market prices. With the equivalent of around a third of the free float of shares reported to have changed hands today, trade has certainly been brisk but the 186% upside is certainly impressive. We have seen spikes of this magnitude before, but will the accompanying cap raise offer this some longevity?
Chariot Oil & Gas [LON:CHAR] has also fared well, although gains were a rather more measured 40%. This morning the company notified the market of a significant find of gas in a field off the coast of Morocco where it owns a 75% interest in the project.
A notable mention for Caspian Sunrise [LON:CASP] which added 15% today. Shares took a pummelling last week off the back of instability in Kazakhstan and whilst problems still persist there, bargain hunters appeared to move in ahead of the weekend break and are sustaining their interest in the stock – for now.
Avacta [LON:AVCT] was the day’s worst performer, off 33% by 4.30pm. The company provided an update on lab tests to judge the sensitivity of its Lateral Flow Tests in detecting the Omicron COVID variant and these have fallen short of expectations. As a result, sales of the kit have been temporarily suspended as the company looks to refine the proposition – something which it should be noted is affecting multiple manufacturers.
Abingdon Health [LON:ABDX] also struggled, slipping 23% by the bell following that announcement from Avacta. Abingdon had provided the technical transfer for the Avacta COVID tests so is now working to refine the situation. Abingdon was however keen to stress that it also has a number of workflows beyond COVID 19 diagnostics that it was progressing.
