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The Markets
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Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Pharma & Biotech

Flurry of good news gives Aim 100 index a warm glow

All of the big risers this morning were to be found among the small caps

Aim shares opened on a firmer footing, leaving blue-chips in their dust on Monday morning.

The AIM 100 index was up 10 points, or 0.3%, at 3,306 after 90 minutes trading. In contrast, the FTSE 100 was off 0.5% at 6,171.

Leading the small-cap charge was Minco PLC (LON:MIO), the mineral exploration company, which shot up 29.6% to 0.875p after the English High Court chucked out the legal claim that had been brought against the company and two of its directors.

The claim, for alleged misrepresentation, had been made in November 2013 by John Bennington Sears of Maidenhead, and Sippdeal Trustees Limited of Manchester.

Another company soaring on the back of a legal verdict was Trading Emissions PLC (LON:TRE), which was trading 16.7 higher at 6p after the termination of a further arbitration in respect of a claim of around €5.6mln lodged by a subsidiary of Yunnan Dianneng (Group).

The tribunal also awarded the UK-listed investor in environmental and emissions assets a total amount of HK$289,105.37 in respect of its legal costs, the tribunal's fees and the administrative fees of the Hong Kong International Arbitration Centre.

Xcite Energy Limited (LON:XEL, CVE:XEL) was living up to its name, rising from 21p overnight to 29p, before the board spoiled the fun and said it knew of no reason for the share price movement, deflating the price all the way down to 21.45p.

Machine-to-machine wireless communications specialist Telit Communications PLC (LON:TCM) laid to rest fears that its impressive growth rate might be stalling with strong demand from Asia-Pacific and a growing presence in the industrial Internet of Things (IoT) market driving impressive top-line growth.

The company also cheered investors with assurances that the company's evolution should see it move into a more cash-generative phase, laying to rest fears in some quarters about the group's cash conversion.

The shares motored 15.5% higher to 242.5p.

Elsewhere in the technology sector, APC Technology Group PLC (LON:APC) surged 16.1% to 9p as it revealed its components division has recorded one of its best half year performances ever despite a weak market backdrop.

Turkey-focused minerals group Ariana Resources PLC (LON:AAU) was wanted after it doubled the resources at Kizilcukur in Turkey, one of the potential satellites for the Kiziltepe mine currently under construction.

The shares leapt 8.8% to 1.11p, and are up 32% year-to-date.

Also shining were shares in Fox Marble PLC (LON:FOX), the operator of marble quarries in Kosovo and the Balkans, as it reported it is about to bank a first payment from the €2mln distribution agreement with Eboracum announced in January.

The company's shares advanced 14% as it said £300,000 is about to land in its coffers any day now.

On the downside, low-cost airline Fastjet PLC (LON:FJET) lost around a third of its value after it warned the African aviation market remains weak.

Another round of rationalisation is underway including reductions in capacity and the route network, but even with these savings results for 2016 will be materially below market expectations.

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