The AIM All-Share Index was performing steadily until Wednesday when it experienced a significant decline. By Friday, the AIM Index was 0.5% lower compared to the previous Friday’s close, falling short of the FTSE 100’s 0.8% gain over the same period.
The FTSE 100 ended the week nearly unchanged after experiencing a decline in shares post-3:30 pm.
LondonMetric Property led the gains, rising 2.6%, followed by gambling company Entain, which increased by 2.2%. The biggest decliner was miner Fresnillo, down 2.3%, with Premier Inn owner Whitbread also falling 1.8%.
In contrast, the mid-cap FTSE 250 gained 0.3%. Hunting, an oil and gas sector manufacturer, topped the risers with a 3.6% increase, followed by Close Brothers, which rose 3.2%. The largest drop was seen by SSP, the owner of Upper Crust, which fell 2.9%, closely followed by Diversified Energy.
Small-cap coal miner Bisichi Mining PLC (LON: BISI) surged 46% on Friday following an impressive half-year report. The small-cap coal miner reported a substantial increase in profit before tax, rising from £300,000 last year to £5 million.
Earnings per share jumped to 18.33p, a remarkable turnaround from a 3.18p loss in the first half of 2023.
Bisichi credited this performance to “a significant improvement in mining production and reduced mining costs at Black Wattle Colliery, the Group’s South African operation.”
Data and marketing services provider Jaywing (LON: JWNG) cut its full-year loss from £12.5 million to £2.4 million. Revenues fell by 3% to £21.5 million, impacted by the A$/£ exchange rate. The full impact of cost reductions is expected in the coming year. The share price rose by 42.22% to 3.20p
The strong performance also boosted London & Associated Properties plc (LON: LAS), which owns 42% of Bisichi, with its shares climbing around 29% on the prospect of attractive dividends from Bisichi’s growing cash reserves.
Earnings per share surged to 18.33p, a significant turnaround from a 3.18p loss in the first half of 2023.
Primorus Investment (LON: PRIM) is subscribing to 18.1 million shares in Pri0r1ty AI for £300,460 to support a software rollout. Alteration Earth (LON: ALTE), a standard list shell, has non-binding terms to acquire Pri0r1ty AI and transition to AIM. Primorus Investment directors Rupert Labrum and Matthew Beardmore hold 45.8% of Alteration Earth. Primorus Investment’s share price increased by 11.5% to 3.4p.
Alba Mineral Resources (LON: ALBA) has completed the first underground blast on the No. 4.5 level at the Llechfraith section of the Clogau St David’s mine in Wales, with additional blasts planned for level 5. The share price increased by 5.88% to 0.045p.
Filtronic (LON: FTC), a developer of antenna technology, is outperforming expectations and has secured a follow-up order from SpaceX for E-band solid-state power amplifier modules for Starlink satellites. This new order, valued at £6.4 million, has also led to the issuance of 10.9 million warrants to SpaceX. Cavendish has raised its 2024-25 pre-tax profit forecast from £6.4 million to £7.7 million. The share price is up 5.26% at 80p.
Eco (Atlantic) Oil & Gas (LON: ECO) reported cash reserves of $1.19 million at the end of June 2024. Following the completion of the farm-out agreement for Block 3B/4B in South Africa, the company will receive $8.3 million. It has also sold an additional 1% interest in the block, retaining 5.25%, to Africa Oil in exchange for Eco shares and warrants, representing 15% of the company. The share price rose by 8% to 13.5p.
In the biotech sector, Faron Pharmaceuticals Limited (LON: FARN) surged 19% following the US Food and Drug Administration (FDA) granting fast-track approval for its lead candidate, bexmarilimab. This drug is intended to treat relapsed or refractory myelodysplastic syndrome (r/r MDS) in combination with azacitidine.
FALLERS
Nanoco Group PLC (LON: NANO), a London-listed supplier of materials for infrared sensing applications, saw its share price dive by a third following the loss of a major European customer.
Broker Peel Hunt was blunt in its evaluation: “With this strategic shift, Nanoco’s prospects for commercialization in 2025 are effectively zero. The company now expects revenues to be 25% below consensus estimates, with further downward adjustments anticipated for the later years.” The broker also suggested that Nanoco could potentially be involved in a reverse takeover.
Indus Gas Ltd (LON: INDI) is considering a ten-year extension for the PSC of Block RJ-ON/6, with the current period ending on August 20. Due to ongoing maintenance at the customer’s power plant, gas off-take has decreased. The share price fell 18.5% to 10.025p.
Quiz PLC (LON: QUIZ) saw its shares drop 18% on Thursday after the online fashion retailer disclosed continuing difficulties and sought financial assistance from its founder and largest shareholder. The company reported a £5.2 million loss for the year ending in March, a significant decline from the £2.3 million profit reported the previous year. Liquidity has also been severely impacted, with cash reserves dwindling to just £300,000.
To stabilize its operations, Quiz is negotiating a £1 million loan with Tarak Ramzan.
Zenova Group (LON: ZED), a developer of fire safety products, saw revenues drop from £108,000 to £51,000, though losses were reduced from £709,000 to £617,000. Delays in product certifications led to lower income, but now that certifications have been received, second-half revenues are expected to improve. The share price declined 6.52% to 1.075p.
Andrada Mining (LON: ATM) achieved revenues of £18 million for the year ending February 2024. Tin concentrate production rose 54% to 1,500 tonnes, while all-in sustaining costs increased from $24,939 per tonne to $26,223 per tonne. The company has £10 million in the bank. The share price fell 1.45% to 3.4p.
Mkango Resources (LON: MKA) reported an increase in interim losses from $1.6 million to $1.7 million and plans to cut operating costs by 36%. Net debt stands at $3.4 million, including deferred consideration, although $1.25 million is being raised post-balance sheet date. The share price decreased by 3.1% to 6.25p.
Among the biggest losers in the mining sector were nickel producer Uru Metals Ltd (LON: URU), which fell 29%; Critical Metals PLC (LON: CRTM), which dropped 35% following an operational update; and Tertiary Minerals PLC (LON: TYM), which declined 21% after revealing that its application for a Swedish mining concession had been denied.
