The AIM Index started the session by recovering some of Tuesday’s losses, but upside proved limited and the junior market slipped into the red early afternoon. Downside has however been constrained, with the market reaching 4.30pm just over two points offside at 1233.39.
- Uru Metals +21%
- Futura Medical +20%
- Petro Matad +20%
- Nightcap -17%
- Woodbois -14%
Uru Metals LON:URU was the day’s biggest riser, adding 21% by the closing bell. Some of the usual caveats apply here, with the stock valued at just £7m and being quoted on an 11% spread at the close, but there’s been strong demand for many Lithium plays of late and hopes have been further bolstered by the idea that a dual listing is soon to be announced. The stock has however already added 80% over the last three weeks, so this could temper gains until there’s more firm news out.
Futura Medical LON:FUM was sitting some 20% higher at the bell today, although there’s no firm news to be basing the excitement on. The stock did advance notably on the back of regulatory approvals in the late part of March, hitting a high of 67p before drifting lower in recent weeks. Volumes were elevated from recent days but well below the highs seen a couple of months ago, so it’s difficult to see if today’s gains relate to lumpy trade or could be related to a leak. One to watch.
The biggest faller at the bell was Nightcap LON:NGHT, some 17% lower. The company has just completed a discounted fundraise which arguably explains away the downside here but with the potential for some bargains to be seen in the struggling hospitality sector, alongside pent up demand from consumers, prospects may well remain upbeat here.
Woodbois LON:WBI was another big casualty on the day, sitting some 14% off at the close of trade. Again a deeply discounted fundraise can be used to explain away the fall, with £6m being raised at just 6p a share, well below last night’s close just below 7p. That said, the stock has made sound progress from last year’s lows around the 2p mark – long term investors will likely be happy overlook this dip lower.
A notable mention for Petro Matad [LON:MATD] which saw its shares advance a further 20% today. Some modest gains were seen at the start of the week as the stock reacted positively to news that the Mongolian authorities were set to support the company’s latest exploration project, but with no additional update out today, this just seems to be a case of the market catching up. Volumes were elevated, albeit below the interest seen earlier in mid-April when the previous licensing update was given.
