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Sentiment on the AIM market was generally positive again on Wednesday, adding to the gains seen earlier in the week and leaving the index more than 14 points higher at 973.80

  • Wishbone Gold up 58%
  • CPL Resources up 42%
  • Remote Monitored Systems down 34%
  • Attis Oil & Gas down 15%
  • Braveheart Investment Group down 8%

Shares in Wishbone Gold [LON:WSBN] surged to levels not seen in 18 months during Wednesday’s trade. In a pre-market statement, the company announced it has found four new target sites for mining, with a significant advantage being the shallow depth of the potential deposits. The news was clearly sufficient to excite investors and although gains of 58% were accrued, shares closed some way below intra-day highs.

Thinly traded CPL Resources [LON:CPS] also found itself well up the board on Wednesday, adding a hulking 42%. The company has agreed to a takeover offer from Japanese firm Outsourcing. This delivers a comfortable premium for investors and as such may well proceed without complaint.

At the other end of the spectrum, Remote Monitored Systems [LON:RMS] was back in the spotlight, extending yesterday’s losses by descended a further 34%. The company’s acquisition of Pharm2Farm was also signed off at today’s AGM, but with this being an all share deal, is there a risk that the vendors will look to realise some profits in the near term?

Attis Oil and Gas [LON:AOGL] was another big faller, off by 15%, but this £2m microcap was being quoted on almost a 10% spread at the close. With no news – and seemingly no buying interest – the slide is no great surprise.

A notable mention for Braveheart [LON:BRH], off 8%, with the company tracking losses at RMS. Braveheart is one of the vendors of Pharm2Farm and will be on course to receive north of 300million RMS shares in the morning. Given Braveheart has a market cap of just £21m, there’s quite a concentration risk here.

Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.


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