London’s AIM market started the week off with a degree of conviction, adding more than seven points and shunning the weaker sentiment seen on the main board. By the bell, the AIM Index stood at 1236.47, its highest level since the start of the month.
- Tlou Energy +18%
- Angus Energy +17%
- ValiRx +16%
- Gusbourne -21%
- Simec Atlantis Energy -14%
Tlou Energy [LON:TLOU] was the day’s best performer, adding 18% off the back of news that a power purchase agreement had been signed with the Botswana Power Corporation. Critically the company sees this as being just the beginning of much larger projects in the region.
Angus Energy LON:ANGS came in a close second place today, adding 17%. There’s no news out but for the independent oil and gas development company with a focus on growing the number of UK licenses to be finding support is interesting given the weight of lobbying on government to curtail fossil fuel production in the UK. However given the current state of the gas market, any quick wins here could see shareholders well rewarded as a result.
A notable mention for ValiRx LON:VAL which found itself towards the top of the board and up 16% at the bell. In just six weeks the share price has doubled with expectations continuing to build that a deal is soon to be announced. Once we see that however, will the upward trajectory be maintained, or will there be some degree of profit taking?
Gusbourne LON:GUS was the day’s worst performer, dropping 21% by the bell after a number of corporate actions were announced including a debt for equity swap.
Shares in Simec Atlantis Energy LON:SAE took another tumble today, shedding 14% and leaving the company in second to last position. The stock has had a gruelling run in recent months, off over 90% since January and 65% since the middle of September, despite its focus on the hot topic of renewable energy projects. Although there was a draw down of previously issued equity reported today, this alone doesn’t seem likely to be a driver behind the move. It’s also worth noting that the move was barely outside the spread.
