It might have a very Asian-focus but MySquar Ltd (LON:MYSQ) saw strong demand in London this week.
The Myanmar-language social media, entertainments and payments platform operator was the top AIM performer, with its shares up 50% to 1.92p on speculative interest.
The jump came as one of the investors in MySquar’s recent £2mln placing bought another lump of stock, with Imperium Ltd purchasing a further 90,000,000 shares to bring its overall interest in the social media group to 15.7%.
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Imperium took part in the second tranche of MySquar’s recent £2mln funding that replaced a convertible loan with financier Sandabel. Shares in that placing were issued at 0.85p each.
At the time of the placing, on 10 April, MySquar’s chief executive, Eric Schaer said the funding would support the group’s rapid sales growth.
MySquar has already released a gaming platform, Lucky Wingabar, and is starting to monitise its internet telephony services and core social media forum, MyChat.
Speculative buying also looked to be helping Porta Communications PLC (LON:PCTM) shares this week, which gained nearly 24% to 3.75p.
The move came as the City seemed to think that news of the departure of David Wright as Porta’s chairman may pave the way for a bid for the communications and marketing group.
The company might be seen as good value for money to investors as it has lost 33.75% off its share price in the year to date, even though last month it announced a significant contract win with Tesco.
Overall the FTSE AIM All-Share index gained just 0.2% this week to around 964 points, sharply underperforming the blue chips, with the FTSE 100 index adding 2% to 7,256.
PhotonStar continues to shine despite placing
Intelligent lighting and building controls firm PhotonStar LED Group PLC (LON:PSL) was once again one of the biggest AIM gainers, jumping by over 27% in value to 2.2p.
However, that rise was more restrained than last Friday’s 120% leap made on hopes its internet-of-things platforms will be rolled out by a UK-based student accommodation group.
PhotonStar shares were up though despite the firm knocking out a deeply-discounted placing of 37.2mln shares, around 16.5% of its enlarged share capital at 1.25p a throw to raise £465,000.
The group said the net proceeds of the placing will be used to fund the proposed roll out of the halcyonPRO2 and its halcyon CloudBMS platform as per last week’s announcement.
There was also a boost this week for Inspirit Energy Holdings PLC (LON:INSP) which gained over 31% to 0.2p after the firm said it is in the final stages of the development cycle of approvals for its micro combined heat and power boiler, with trials expected to begin soon after.
Inspirit also confirmed that it is in discussions about a fixed interest loan from Argentarius ETI Management of up to £2mln.
Sunrise Resources Plc (LON:SRES) shone out too, taking on over 13% to 0.13p after it said it would throw its full weight behind its CS Pozzolan project in Nevada after a concept study confirmed its potential.
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Interest in pozzolan is growing as a natural and greener alternative to Portland cement and especially in the US where traditionally manufacturers have used fly ash from coal fired power stations as a key ingredient.
And Focusrite plc (LON:TUNE) shares added over 18% at 262.5p after the music and audio products company reported a jump in half year revenue and profit driven by sales of its Scarlett USB audio interface and its Novation Launchpad in the US.
Quadrise Fuels week's worst AIM performer
But on the downside, emulsion fuels producer Quadrise Fuels International PLC (LON:QFI) was the week’s worst AIM performer, with its shares plunging by 42% to 3.28p.
Quadrise revealed on Thursday that it had received notification from Danish shipping giant Maersk Line that it will allow the operational trial agreement between the two companies to expire.
The UK group has been supplying its MSAR alternative fuel to the shipping giant for use on one vessel, although that trial has been hampered due to Maersk's vessel being called into operation.
The reason for the ending of the agreement is Maersk's intention to comply with the International Maritime Organisation's 2020 sulphur limit in its environmental legislation, which is less that that of the MSAR fuel.
And shares in technology investor Concha PLC (LON:CHA) lost 17% over the week to 0.17p after it said it was reviewing new investment opportunities following the demise of its principle investment, Ve Interactive.
Concha paid £4mln for a 0.43% stake in Ve Interactive in March 2016 when it touted the advertising technology company as an “exciting investment opportunity”.
But in the same month a year later Ve’s value plunged to £300mln from £1.5bn following a £3mln emergency cash injection, led by Scottish billionaire Doug Barrowman’s Aston Ventures, and the former ‘tech unicorn’ was sold for just £2mln this week.