So, it has been something of a roller coaster week for shares on London’s junior market.
After a major sell-off on Monday amid the chaos and recrimination of last week’s referendum result, the momentum has been upward ever since.
The AIM 100 finished the week 1.3% higher as gloom gave way to faint glimmers of optimism. The broader-based AIM-All Share, meanwhile, was up a slightly more pedestrian 0.7%.
We kick off with a share that has fallen 14% this week, though there are some in the market wondering quite why it has drifted given the recent news flow. The stock is oil explorer Aminex (LON:AEX).
On Monday it received a shot in the arm from the authorities in Tanzania, which confirmed a one-year extension to the Mtwara Licence, part of its Ruvuma production sharing agreement.
This is seen as a precursor to drilling a second well. The first uncovered what are likely to be huge accumulations of gas condensate.
Importantly, the group’s finances are now being underpinned by gas flows from the smaller Kiliwani North operation, which is located nearby and began ramping up back in April.
Aminex expects to be generating US$1mln of cash a month once the field reaches optimum levels.
While there has been pressure on the Aminex share price there has also been what one of my former stock market colleagues used refer to as ‘nosey buying’ around the periphery. One wonders why?
Anyway onwards and upwards as we look at some of AIM’s risers.
Awoken from slumber this week was Snoozebox (LON:ZZZ), which specialises in portable hotels that will be used at some of the big events this summer. It advanced more than 50% after chairman Chris Errington mopped up shares in the wake of Wednesday’s prelims, which were every bit as bad as the market expected.
The commodity trader Ambrian also saw its value increase by more than a half – and again a stock purchase was the driver.
Akers Biosciences (LON:AKR) also had a good week with its shares ahead 49% after two good news press releases.
On Monday Akers said it signed up its first distribution agreement for BreathScan OxiChek, a device that monitors oxidative stress in the body.
The deal is with Aero-Med, a division of American Fortune 500 healthcare services group Cardinal Health, and a roll-out will start with a team focusing on the New England region of the United States.
Aero-Med is expected to target large US markets; for example anti-aging, functional and integrative health and wellness treatment.
But the real boot up the bum came on Thursday following the release of results from a trial of its rapid diagnostic for chlamydia, which the company described as “highly successful”.
The assessment of the company's PIFA assay took place at two centres in the Pennsylvania in the US.
The system, which uses a finger stick blood sample, matched the findings of lab tests in 96% of the cases.
Lab testing is the gold standard method of screening for chlamydia, but it can take up to 10 days to deliver the results. This is time consuming, costly and stressful for the patient. The PIFA system gives a read-out in just five minutes.
Okay, back to the laggards. Recruiters Staffline (LON:STAF) and InterQuest (LON:ITQ) were hit post Brexit, while junior oilers such as Petro Matad (LON:MATD) and Lansdowne (LON:LOGP) also foundered. It has also been a bit of wobbly week too for Regency Mines (LON:RGM), which lost around 18% in the past five trading days and has seen 98% of its value wiped out in the last year.