London’s AIM Index started the week on a down note, following the main board lower although losses have been limited, approaching the closing bell just under four points lower at 1232.55
- Touchstone Exploration +27%
- Arkle Resources +26%
- Ridgecrest -31%
- Alba Mineral Resources -12%
- 88Energy +11%
Touchstone Exploration [LON:TXP] is topping the board, some 27% ahead off the back of news that drilling in the Caribbean has confirmed a rich LNG find. By all accounts, given the bullish tone of management comments, the uplift could be seen as a little underwhelming, but it does help recover some of the losses of recent weeks.
Arkle Resources LON:ARK has also fared well, adding close on 26% with high volumes being of note. There’s no firm news, although chatter suggests that there could be takeover news on the horizon. One to watch.
Ridgecrest LON:RDGC was off 31%, with news of a disposal rattling investor confidence. The note adds that the company has a £2m cash position, so against the £5m market cap, unless there are more encouraging sounds, this could have further to fall.
Alba Mineral Resources LON:ALBA also had a bad day, off 12% at the closing bell, although the company has a limited market cap of £18m and was trading on a wide spread at the close. Today’s drilling update arguably provided some cause for cheer, but the stock has been under some pressure since hitting those highs at the end of last year.
A notable mention for 88 Energy [LON:88E], which has been on our radar of late. The company saw its shares rebound after last week’s sell off and another operational update today provided yet more cause for optimism, leaving the stock 11% up at the bell. That’s still well below the late March highs, but reflects a 50% uptick from last week’s lows.
