Gold is on track for a robust weekly gain as escalating concerns over the Russia-Ukraine conflict drive demand for safe-haven assets. Currently trading at $2,704.80 an ounce, gold is up 1.2% on Friday and has surged 5.3% from its starting price of $2,568.50 earlier this week. Gold recorded its largest weekly gain in US dollars in eight months, climbing nearly 5%.
The FTSE 100 jumped 1.4% on Friday, buoyed by a drop in sterling that benefited companies with dollar-based earnings. Banks struggled due to weak business activity data. The pound fell more than 0.5% today, extending its decline to around 0.8% since Monday.
ValiRx PLC (AIM: VAL) shares climbed 22% following a successful shipment of patient-derived cells (PDCs) from its subsidiary, Inaphaea BioLabs Limited, as part of its new Assay Ready Reagents (ARR) range. Additional good news came on Friday with the announcement of a collaborative research initiative between Inaphaea BioLabs and The Open University.
Nexxen International (AIM: NEXN) posted strong gains, fueled by a series of positive developments for the advertising technology company. Last week, Nexxen reported robust third-quarter results, highlighting its AI expertise as a key competitive advantage. This week, the company announced a $50 million share repurchase program, driving shares up by over 31%.
Made Tech Group PLC (AIM: MTEC) surged 23% after the digital services provider revealed stronger-than-expected trading performance. At the annual meeting, Chair Joanne Lake announced that sales bookings for the current financial year reached £37.5 million, surpassing the £36.0 million recorded for the entire previous year.
Belluscura (AIM: BELL) has secured a three-year credit facility of up to $4 million from Sallyport Commercial Finance. The funding will support the formal launch of the DISCOV-R portable oxygen concentrator, which is set to enter full production by early 2025. Shares rose 7.89%, reaching 10.25p.
Tavistock Investments PLC (AIM: TAVI) rose 10% after announcing plans to acquire Alpha Beta Partners (ABP), a London and Bath-based asset management firm overseeing nearly £3 billion in assets. The acquisition supports Tavistock’s strategy to expand its presence in the UK retail investment market. The initial payment will be £6 million, potentially rising to £18 million based on ABP’s financial performance over the next five years.
Frontier IP (AIM: FIPP) is raising £3 million through a placing and subscription priced at 28p per share, with an additional retail offer via Primary Bid aiming to raise up to £1 million. The minimum subscription for the retail offer is £250, and it will close at 5 p.m. on 25 November.
For the year ending June 2024, Frontier IP reported unrealized gains of £1.3 million but an overall loss of £1.3 million. The company’s net asset value (NAV) stands at 79.7p per share. Despite this, the balance sheet shows a cash shortage. The additional funds are expected to sustain operations for 12 months while the company works to generate cash through investment realizations. Shares rose 3.57% to 29p following the announcement.
FALLERS
In contrast, Webis Holdings (AIM: WEB) saw its share price collapse by 85% following an announcement to delist from the AIM market. Managing Director Ed Comins stated that the decision was made after a thorough review, concluding that delisting was in the best interest of the company and its shareholders.
Celadon Pharmaceuticals (AIM: CEL) dropped 55% amid concerns about its financial stability due to delayed funding. The company reported a cash balance of £300,000 as of November 15, enough to sustain operations only until January.
Proton Motor Power Systems PLC (AIM: PPS) shares plummeted 70% after the company announced plans to wind down operations due to failed financing negotiations. Talks with a potential German industrial partner collapsed, leaving no viable funding options for the zero-carbon fuel cell producer.
Nostra Terra Oil and Gas (AIM: NTOG) fell 36% following a technical markdown. The company raised new funds to support the next phase of development at its Pine Mills site in Texas, focusing on four additional wells to boost production and cash flow.
Alien Metals (AIM: UFO) has acknowledged that general meeting resolutions were mistakenly sent to some shareholders. The company’s annual general meeting is scheduled for 16 December. Following the announcement, the share price dropped 8.11% to 0.085p.
