UK stock markets closed lower on Friday, easing back after a record-breaking October rally as investors adopted a more cautious stance ahead of the Bank of England’s monetary policy decision and the Government’s Budget this month.
The AIM All-Share Index fell 4 points to 770.58 on Friday, underperforming the FTSE 100, which has enjoyed a strong week but ended the session 42 points lower at 9,717 after pulling back from record highs. The blue-chip benchmark repeatedly hit record highs during October, and the mid-cap index traded near four-year peaks.
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Empire Metals (AIM:EEE) shares surged 112.9% to 39.5p after the company announced a £7 million fundraise at 40p per share to accelerate development at its Pitfield titanium project in Western Australia. Despite the sharp rebound, the share price remains below its September high of 71p.
Orcadian Energy (ORCA) was one of the week’s standout performers, with shares in the North Sea explorer soaring 65% despite the absence of fresh news. Dealers described the move as “nosey buying,” with speculation building that a project update could be imminent, given that the company last briefed investors around four months ago on its Elke and Narwhal discoveries.
Strategic Minerals PLC (SML) also enjoyed a strong run, ending the week 45% higher after its recent trading update continued to buoy sentiment. The company reported that magnetite production in New Mexico is ramping up, while in Cornwall, development of its tungsten, tin, and copper asset is accelerating — a combination that appears to have attracted sustained investor interest.
Smarttech247 Group (S247) shares rebounded sharply, rising by 40% to 5.25p, as investors took the opportunity to buy in ahead of the company’s planned delisting from AIM. The cybersecurity services provider confirmed that shareholders overwhelmingly approved the resolution to leave the London market, with the AIM cancellation set for 4 November.
Tertiary Minerals PLC (TYM) climbed more than 17% after announcing that KoBold Metals, the Silicon Valley-backed exploration company, will advance to the next stage of its copper exploration programme in Zambia following a successful first phase of drilling under their partnership. The company added on Friday that it will soon commence new drilling at its Mushima North project to further define a promising silver, copper, and zinc deposit.
Genedrive PLC (AIM:GDR) shares rose 11.8% to 0.95p after major shareholder David Nugent, who holds around 16% of the company, offered to provide a loan of up to £1 million to support the business.
Fallers
ValiRx (AIM:VAL) shares fell 47.4% to 0.25p after the biotech company announced a £750,000 placing at 0.25p per share, with an accompanying WRAP retail offer that could raise up to an additional £300,000. The WRAP offer closes on 3 November.
Anglesey Mining PLC (AIM:AYM) shares plunged nearly 40% after shareholders rejected a proposed capital reorganisation, effectively blocking access to a conditional funding agreement with Alumni Capital. The motion was defeated with 64% of votes cast against, leaving the company facing significant funding uncertainty.
Alba Mineral Resources PLC (AIM:ALBA) shares fell 25% following news of a £500,000 discounted placing at 0.0152p per share. The funds will be used to support ongoing work at the company’s Clogau Gold Mine in Wales, as well as its Finnsbo graphite project in Sweden and Motzfeldt Critical Metals Project in Greenland.
Rome Resources (AIM:RMR) shares dropped 23.6% to 0.275p after the company announced its maiden mineral resource estimate (MRE) for the Bisie North Project, which confirmed the presence of a large tin-copper-zinc system. The inferred resource includes 46,900 tonnes of copper, 10,600 tonnes of tin, 86,200 tonnes of zinc, and 1.46 million ounces of silver, based on drilling across two key zones — Mont Agoma and Kalayi.
Anglesey Mining PLC (AIM:AYM) shares fell 8.33% to 0.275p after the company confirmed that shareholders voted against its proposed fundraising, leaving it without access to a £2 million equity funding facility previously agreed with Alumni Capital.
