Despite best efforts in early trade, London’s AIM Index saw its very modest opening gains ebbing away, leaving the junior market to underperform the main board, reaching the closing bell down two thirds of a point at 945.34.
- ValiRx +20%
- Immedia +17%
- Vast Resources +12%
- Mosman Oil -31%
- CIP Merchant -19%
Sharp gains from ValiRx [LON:VAL] pushed the biotech firm to the top of the board on Tuesday, advancing by some 20%. There’s no specific news here and the share price has spent the last six weeks or so very much in reverse, but expectations are mounting that an update could be imminent, with the CEO reported as speaking at a conference tomorrow.
Immedia [LON:IME] was the day’s second biggest gainer, adding 17%. Late yesterday the company announced that all resolutions had been passed at its AGM allowing the company to dispose of assets and become a cash shell. This has reversed the uncertainty of the last two weeks, leaving the stock to trade at YTD highs.
Vast Resources [LON:VAST] gets a notable mention, adding a further 12% with the market continuing to try and cement those gains of last week. There does seem to be a degree of resistance to breaking above the 2p mark.
Mosman Oil [LON:MSMN] was the worst performer, off 31%. The company has announced a £1m placing so the drop here reflects the dilution impact, but there are bullish calls over just how much oil could sit behind the related drilling project. There seems to be confidence that this could hold.
CIP Merchant [LON:CIP] also struggled, dropping 19% on the day. The company confirmed yesterday that it would be cancelling its AIM listing next month following the agreed takeover by CFE. Today’s move is however of little note given the exceptionally low volumes and wide spread posted on the stock.
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