Small caps opened firmer but were struggling to keep pace with blue-chips, as the market reappraised yesterday's dramatic moves by the European Central Bank (ECB).
The AIM 100 was up 11 points, or 0.3%, at 3,265, while the FTSE 100 was up 95 points, or 1.6%, at 6,131, with just two Footsie constituents – Marks & Sparks and Old Mutual – in the red.
Reaction to ECB president Mario Draghi's blunderbuss action was initially positive yesterday, but then turned negative after he indicated in a press conference that no further rate cuts are envisaged.
This morning, helped by a recovery in oil prices, sentiment has improved markedly, though Aim's growth stocks and other small caps are not feeling the love quite as much as the big guns.
Avanti Communications Group PLC (LON:AVN) was doing its bit to drag the AIM 100 higher; it was one of the top risers on the index after announcing a contract win.
Avanti will supply Bentley Walker, one of its key existing customers, with capacity on the HYLAS 4 satellite across Sub-Saharan Africa in a commitment worth more than $1mln. HYLAS 4 is on-track to be launched in the first quarter of 2017.
The shares climbed 2.5% to 104p.
Drug developer Scancell Holdings PLC (LON:SCLP) advanced almost 8% to 19p as it said it is teaming up with Sweden’s leading research organisation. The collaboration could aid the development of one of Scancell's two breakthrough technologies.
Elsewhere in the biotech sector, Chris Rigg, who was promoted to chief financial officer at Quantum Pharma PLC (LON:QP.) earlier this week, has quickly opened his account, purchasing 15,000 shares at 66p a go. Chief executive officer Andrew Scaife has also weighed in, buying 37,000 shares at 68p a pop.
The share rose 3p to 68p on the news.
Also on the up was internet domain name management company Minds + Machines Group Ltd (LON:MMX) after it entered into a co-marketing agreement with the controller of the .club and .bar top level domains to co-promote Minds + Machines group's .beer and .vodka domains to the US nightclub and bar industry via North America's second largest registrar group through Name.com.
Under the agreement, consumers buying or renewing their .club name will have access to significantly discounted .beer, .vodka and .bar names, the AIM-listed company said.
Shares were marked up almost 4% to 10p.
Investors headed rapidly for the exits at Alpha Pyrenees Trust Limited (LON:ALPH) after the property company revealed it had made a loss in 2015, a year in which it disposed of the majority of its portfolio.
The company declared a negative net asset value of 30.9p per share, prompting a collapse in the share price to 0.02p from a penny.
Collectibles specialist Stanley Gibbons Group PLC (LON:SGI) was taking a licking after a funding update.
The shares came off 39% at 22.72p as it confirmed that it is very close to concluding the terms of an equity fundraising of approximately £13 million by the issue of new ordinary shares at a price of 10p.