The FTSE 100 closed down 78 points, or 0.75%, at 10,379, while the FTSE 250 fell 0.8% to 22,582.81. AIM had been trading close to multi-year lows before the Iran conflict.
When the Strait of Hormuz disruption triggered a global risk-off move, AIM initially sold off further—but unlike large caps, it snapped back quickly. That’s typical of illiquid small-cap markets: once forced selling fades, even modest buying can drive outsized gains.
There are tentative signs that capital is flowing again. Around 30 fundraisings have been completed since the Iran conflict began, including notable raises by IXICO (£10m) and SRT Marine (£16m), with some oversubscribed. Whether this reflects renewed risk appetite or simply attractive valuations remains unclear.
Risers and deal activity
The biggest mover was Mirriad Advertising plc, jumping 400% on Friday afternoon after news that Omar Ahmad had built a significant stake in MIRI, now holding 6.18% of the company’s voting rights. Ahmad, who is based in London, does not control any other entities with an interest in the company.
Deltic Energy Plc, which surged 122% after confirming takeover approaches from multiple parties, including Capricorn Energy PLC and Petrogas International E&P Coöperatief U.A.. The company has now entered an offer period, with bidders required to declare their intentions by late May.
Active Energy Group PLC was another standout, climbing 39% on a string of positive updates. Its Ghummud site in the UAE was energised ahead of schedule, potentially bringing forward revenues, while progress on a second grid connection in Taweela and a partnership with Bitdeer Technologies Group added further momentum.
Meanwhile, hVIVO plc is up more than 30% year-to-date, though some investors took profits this week following a strong run, trimming positions rather than chasing further gains.
Elsewhere in energy, Kistos Holdings plc rose 22% on higher production and progress with its Oman acquisition, which is expected to enhance scale and diversification.
In deal activity, Advanced Medical Solutions Group plc added 12% after confirming talks with US private equity firm TA Associates over a potential offer.
Diales plc gained 12% after forecasting a 43% jump in first-half operating profit, driven by stronger revenues and improved cash generation.
Pulsar Helium Inc. said rumours of a placing are unfounded, adding that communications circulated by a third-party broker are false and may prompt legal action. The shares rebounded 8.51% to 91.8p following the clarification.
Rift Helium plc made a strong market debut, trading around 10% above its IPO price on its first day after raising £8.1 million.
The funds will be used to advance its assets in Tanzania’s Rukwa Basin, including environmental impact assessments, 3D seismic surveys and initial drilling activity.
Biggest fallers
Mercantile Ports & Logistics Ltd surrendered the previous week’s gains, plunging 75% as its dispute over the Karanja terminal in Mumbai escalated. The company said India’s insolvency process had rejected its proposal to repay debts in full, instead backing a rival plan from Adani Ports & SEZ. Management criticised the process as “biased” and “stage-managed”, adding that it intends to pursue legal action.
LBG Media plc fell 26% despite posting 19% revenue growth in the first half. Underlying earnings dropped 34% to £8 million, with margins pressured by increased investment and a shift toward lower-margin direct revenues. The group also flagged continued weakness in referral traffic linked to changes in Meta Platforms Inc.’s Facebook algorithm.
ATOME plc has raised £6.59 million through a placing at 60p per share, alongside an £18 million subscription from EPC contractor Casale SA, directors and existing shareholders.The funding leaves ATOME with sufficient capital to secure a 29.8% stake in its flagship Villeta fertiliser project in Paraguay. Despite the progress, the shares fell 25.9% to 66p.
Ondo InsurTech plc fell sharply after unexpectedly flagging the need for short-term funding, despite reporting 19% revenue growth and continued expansion in the US. Delays to partner orders have pressured cash flow, with the group ending March with £1.1 million and now exploring financing options.
Light Science Technologies Holdings plc reported full-year revenue growth from £8.6 million to £11.7 million and returned to profit with a £100,000 pre-tax gain, compared with a loss the previous year. The agricultural technology business continues to expand from a low base, with forecasts from Shore Capital pointing to a £1 million pre-tax profit in 2026. Despite the progress, the shares fell 18.5% to 1.325p.
Elsewhere, Arc Minerals Ltd slipped 12% after raising £3 million for copper exploration in Botswana, while Firering Strategic Minerals plc secured £2.5 million to increase its stake in a Zambian quicklime project. Quantum Data Energy plc also declined as it launched a £1 million fundraising to support its power assets.
