London’s AIM Index has had a reasonable start to the week, with early gains being extended as the North American markets came online, finishing the day more than 12 points higher at 1094.88
- Venture Life Group +32%
- Digitalbox +30%
- ITM Power +13%
- Omega Diagnostics -32%
- Challenger Energy -25%
Venture Life Group [LON:VLG] was the top performer, adding 32% off the back of its trading statement this morning. Full year revenues were only up by 8%, but strong momentum meant this was largely weighted in the second half of the year and the order book is significantly ahead of where it was a year ago. A series of distribution agreements are further bolstering support for the stock, which has now added in excess of 60% from where it started the year.
Digitalbox [LON:DBOX] was the day’s second biggest riser, up 30%. There’s no news behind the move and trade has been comparatively limited, but the stock has had a habit of making fairly big steps higher. It’s still well below where it debuted in the market, but there’s clearly confidence over the model amongst some investors.
Omega Diagnostics [LON:ODX] was the day’s worst performer, down 32% after the company confirmed in a market statement that online speculation over a potential fund raise was on-the-money. The note adds that given the challenging market conditions, any such move would come at a discount, but given there are significant cash resources, there’s immediate need to react. The company has however seen its share price under sustained pressure for some time, with losses accelerating over the last month.
Challenger Energy [LON:CEG] is back on the agenda as the day’s second biggest faller. The stock was battered on Thursday as a result of a placing leading to dilution, and lost a further 25% today. Small investors last week had been promised that they could take part in an open offer at the same terms as the raise, but on the basis this would require a new prospectus to be issued that offer has been withdrawn. A note today includes details of a work around, but it appears to be finding limited support as the underlying price now nudges where that new stock was issued.
A notable mention for ITM Power [LON:ITM] which it’s fair to say has had a torrid time of late. Shares today however found some support, adding almost 13% by the bell, although the stock was by the end of last week trading at levels not seen since late 2020.
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