Small-cap UK stocks closed higher on Monday, outperforming their larger cousins.
The FTSE Aim All-share was up three 0.3% at 721.65, while the FTSE Aim 100 was also up 4.3% at 3,399.19. The blue-chip measure, the FTSE 100 dipped 0.07% to6,200.12, with house builders weighing on the index and offsetting gains on miners.
Midsession
Blue-chips were marking time in the lunchtime session, while Aim stocks were modestly firmer.
The FTSE Aim All-share was up three points (0.4%) at 722, while the FTSE Aim 100 was also up three points (0.05%) at 6,207. The blue-chip measure, the FTSE 100 was more or less unchanged at 6,203, with house builders weighing on the index and offsetting gains on miners.
Iodine extraction specialist Iofina PLC (LON:IOF) continued to set the pace after a reassuring update this morning. Although it was off the top, it was still sitting on a 90% gain at 9.25p as it revealed output for the first quarter was 124.6 tonnes.
This was down slightly on the same period in 2015, but Iofina has closed a plant, IO#1, which means on a like-for-like basis the performance was solidly ahead of last year.
Dual-listed European Metals Holdings Limited (LON:EMH, ASX:EMH) issued a statement noting the sharp hike in its share price, but it was a loss to explain why it was trading some 5.25p higher at 17p; the best it could come up with was a recent increase in general market interest in the lithium sector, especially Aussie-listed lithium companies.
Legendary Investments plc (LON:LEG) gains were far from mythical, with the shares up 28% at 0.34p on the back of initial results from the sampling programme at its Sultan Sary project in Kyrgyzstan.
Coal of Africa Ltd (LON:CZA) gave shareholders a warm glow at its updated on its offer for South Africa-focused coal producer Universal Coal.
Shares in Coal of Africa climbed 13% to 2.125p as it extended the offer acceptance period to April 29.
The news from another South African play, Central Rand Gild Limited (LON:CRND) looked good on the surface, although the shares tanked 7.4% to 3.125p.
The High Court of South Africa upheld the appeal brought by Central Rand in relation to the judgement of the Supreme Court handed down in February 2015 in relation to its payment dispute with Puno Gold .
The High Court found that the debt had not 'prescribed' and that the full facts of matter must be reconsidered by the Supreme Court in order to provide a judgement relating to the funding dispute between the company and Puno.
Open
Iofina PLC (LON:IOF) was showing the rest of the market a clean pair of heels early doors, after it reported a robust start to the year.
The company, which extracts iodine from waste brine water from oil production in the US, has restated production guidance for the full year, more than doubling the share price to 10.1p, a level not seen January of this year.
Output for the first quarter was 124.6 tonnes. While down slightly on the same period in 2015, Iofina has closed a plant, IO#1, which means on a like-for-like basis the performance was solidly ahead of last year.
The stock was a clear stand-out in a generally drab market, with the FTSE 100 up just eight points, or 0.1%, at 6,212.
The FTSE Aim 100 was also up 0.1%, or 2.5 points, at 3,397, while the FTSE Aim All-Share also rose 0.1%, or just over a point, to 721.
The next best performer on Aim – and the market as a whole – was Orsu Metals Corporation (LON:OSU, TSE:OSU), which has conditionally agreed the sale of its Karchiga and Kogodai projects for $7.75mln. The consideration could rise by a further $2mln, depending on various tax issues.
The stock won't be on Aim for much longer, however, as the dual-listed company has said it will save some dosh by cancelling its London listing.
The shares rose by almost a third on the news.
Graphene Nanochem PLC (LON:GRPH) climbed 28% to 12.5p as it clinched a debt restructuring deal.
The provider of nanotechnology performance enhancing solutions said around £16mln of short-term debt is to be converted into longer-term debt, while it has also been given a two-year holiday on interest payments.
The share price of UK Oil & Gas Investments PLC (LON:UKOG) continued north this morning, prompting the company to issue a statement acknowledging Friday's sharp rise and market commentary regarding a study to be published by Ernst and Young (EY) that assesses the potential impact and benefit of tight oil extraction from the Kimmeridge limestones.
UKOG confirmed that it has commissioned this report although it has not yet been published.
The shares were up 12.5% at 2.19p in early deals.
Atlantis Resources Ltd (LON:ARL), up 60% year-to-date, continued to rise from the depths, rising 6.3% to 59p, buoyed by the sale of a small stake in its Scottish tidal power subsidiary to Belgian offshore construction specialist DEME.
The deal will see DEME pay £2mln for a 2% stake in Tidal Power Scotland Limited (TPSL), which implies a value of £100mln on the business. Atlantis's market capitalisation is currently £63.4mln.
Peel Hunt said the deal brings “credibility and cash”.
Carr's Group PLC (LON:CARR) was ground down to 142p from Friday's close of 152.5p after a disappointing half-year trading update.
The agricultural, food and engineering group reported a 9.3% year-on-year decline in revenue and said I expects the difficult agriculture market will continue through 2017, having an adverse effect on its performance in the next financial year.
Roxi Petroleum PLC (LON:RXP) gave up 0.625p at 9.125p after an operational update on its flagship BNG asset in Kazakhstan.