The AIM All-Share slipped slightly on the week and is now down around 7% year-to-date, underlining the pressure on smaller companies. In contrast, the FTSE 100 closed the week at 9,967, slipping just 5 points (-0.05%) on Friday but still finishing slightly higher over the week.
Investor sentiment remained cautious, with markets continuing to track developments in the Middle East. Oil prices were a key focus, with Brent crude rising for a third consecutive session and moving back above $100 per barrel. Analysts say persistent doubts over a near-term US-Iran deal, along with ongoing military tensions, are keeping supply risks elevated, particularly around the Strait of Hormuz.
Small-cap markets: big winners, sharp losses and a volatile backdrop
It has been a turbulent week for small-cap stocks, with sharp gains and heavy losses reflecting both company-specific developments and a broader market still dominated by geopolitical uncertainty.
The standout performer was Quadrise PLC, whose shares surged close to 80% as investors focused on the commercial potential of its MSAR fuel technology. The product, which blends residual oil with water to create a lower-cost, lower-emission alternative to conventional bunker fuel, is gaining traction at a time when shipping operators face rising fuel costs and increasing environmental pressure.
Elsewhere, gains were equally dramatic in parts of the market. MobilityOne rose more than 400% as progress on a long-delayed corporate transaction brought forward the prospect of a sizeable cash inflow. SkinBioTherapeutics recovered strongly, up 45% over the week, after reassuring investors over its cash position despite an ongoing accounting review. Meanwhile, Metals One advanced 31% as developments around the Vantage Goldfields deal continued to move in a positive direction.
ImmuPharma also moved higher, gaining 10.3% to 5.015p, after receiving a positive initial report on its UK patent application for its P140 autoimmune programme. The company has also completed a supporting study and continues to highlight strong interest from potential licensing partners, following its recent £6.5 million fundraising.
Meanwhile, Hargreaves Services gained 7.14% to 785p after launching a tender offer at 850p per share, an increase from the previously indicated 750p, and raising the total buyback size to £20 million following further asset disposals.
Despite these pockets of strength, the broader backdrop remains challenging. The AIM All-Share slipped slightly on the week and is now down around 7% year-to-date, underlining the pressure on smaller companies. In contrast, the FTSE 100 held relatively steady, reflecting its more defensive composition, though trading has been highly volatile.
Decliners: delays, funding pressure and restructuring
On the downside, several companies saw steep declines. Distil was among the hardest hit, falling around 40% after warning that revenues would miss expectations and highlighting an immediate funding challenge driven by distribution issues. Premier African Minerals also endured another difficult week, dropping 37% as it raised funds at a deeply discounted price to support ongoing operations. MISSION Group fell 28% after reporting a swing to a significant loss, driven largely by impairment charges and weaker client demand.
Switch Metals, dropping 24.1% to 11p after confirming delays to its maiden resource estimate for the Issia project, with further assay work and modelling still ongoing. Parkmead Group slipped 8.33% to 22p, despite reporting a stronger cash position of £16.1 million, as investors appeared to take a cautious view on the timing of future returns linked to North Sea asset sales. Seeing Machines fell 4.84% to 2.95p, even as it pointed to improving margins and a path to EBITDA profitability later in 2026. The decline reflects ongoing concerns around revenue contraction and an upcoming refinancing.
Finally, Coiled Therapeutics—formerly Roquefort Therapeutics—experienced early volatility following its move to AIM and the acquisition of cancer treatment candidate AO-252 in a £31.9 million share deal. After an initial dip, the shares recovered to 10p, in line with its recent £8.5 million placing.
