The UK’s blue-chip stock index reached a record high on Friday, with nearly every FTSE 100 constituent registering gains. A decline in the pound’s value benefited multinational companies listed in London, driving the index above 8,500 points for the first time.
The “Footsie,” which tracks the 100 largest companies on the London Stock Exchange, climbed 1.6% to an intraday peak of 8,533.43 points amid rising confidence that the Bank of England will ease monetary policy later this year before eventually closing at 8,505.22 points.
Meanwhile, the junior market experienced a boost, with the AIM 100 climbing by nearly 1.0% and the All-Share index rising by 0.7%.
Several companies saw triple-digit percentage gains on the junior market, with Fiinu PLC (BANK) standing out by posting an even more remarkable quadruple-digit surge. On Friday, the fintech’s shares soared by 1,560% to reach 8.3p, following the announcement on Wednesday of its first deal for its flagship product with an independent UK bank.
News of a collaboration sent Trellus Health PLC (TRLS) shares soaring by 199% to 2.36p over the week. The company announced a partnership with Johnson & Johnson Health Care Systems Inc to pilot its digital platform, Trellus Elevate, in the US.
Quantum Blockchain Technologies (QBT) was among the triple-digit risers too after the company announced a breakthrough with its Bitcoin AI mining tool. The new Method C AI Oracle is designed to bypass calculations that are predicted to fail, thereby enhancing performance by 30% compared to conventional methods. The company is now preparing to demonstrate the technology and is looking for a chip manufacturing partner to help bring a commercial product to market. As a result, QBT’s share price surged by 141.4% to 1.75p.
Blue Star Capital PLC (BLU) emerged as one of the week’s most significant risers, surging to 7.32p with an impressive 202% increase, although the firm noted on Monday that the reasons behind this jump were unclear.
Other movers on the junior market saw a broad surge in gains. Notably, Celadon Pharmaceuticals PLC (CEL) jumped 162.5% to 42p after announcing a supply deal with Denmark’s Valeos on Thursday, setting the stage for it to fulfill a German medical cannabis contract signed just over a year ago. This three-year contract is expected to generate about £26 million in revenue, arriving just as Celadon revealed in January that its cash runway was only sufficient until March.
T42 IoT Tracking Solutions PLC (TRAC) also made headlines by soaring 52% after the global shipping container monitoring firm secured a US$5.2 million contract in Latin America. Meanwhile, Cambridge Nutritional Sciences PLC (CNSL) benefited from the resolution of a longstanding dispute with the Department of Health and Social Care over lateral flow tests, resulting in a nearly 24% gain.
Elsewhere, Futura Medical PLC’s shares climbed 6.7% on the back of encouraging results from a sensory study of WSD4000, its gel treatment for female sexual dysfunction.
FALLERS
However, the AIM market also faced its share of pressure. After a series of exits last year, Deltex Medical Group PLC (DEMG) dropped 41% as it became the latest company to signal plans for a departure on Thursday. Additionally, gift wrap and greeting card maker IG Design Group led the junior market’s decliners, sliding 60% on Friday following a profit warning that cited “challenging market conditions.”
Gift wrap and greeting card maker IG Design Group (IGR) led the junior market’s decline, with shares plunging 60% on Friday to to 58p after a profit warning attributed the fall to “challenging market conditions.” The company’s fourth largest customer has re-entered Chapter 11 bankruptcy protection, leading to total provisions of approximately $15 million. The American segment is primarily responsible for the 10% decline in revenues, while the international business saw only a 1% drop. Consequently, IG Design is now expected to break even for the year ending in March 2025, a stark contrast to the previously forecast pre-tax profit of $32 million, with Canaccord Genuity having withdrawn its forecasts.
Premier African Minerals (PREM) secured £1.2m through a placing at 0.0275p per share, with a potential retail offer expected to raise an additional £2.3m. The funds will be directed towards the Zulu project in Zimbabwe and to settle supplier payments. The retail offer will close on 20 January, and some creditors might opt to receive shares as payment for debts owed. If the combined proceeds from the placing, the retail offer, and the capitalization of debts fall short of approximately £3.5m, the offering will not proceed. Following these developments, the share price fell by 22.2% to 0.028p.
