AIM market continues recovery
Britain’s FTSE 100 recorded its third consecutive weekly decline after closing 43 points lower, down 0.4%, at 10,233.07 on Friday. The more domestically focused FTSE 250 also ended weaker, slipping 0.15% to close at 22,849.38.
The AIM All-Share Index rose 2% during the week to 815, continuing a strong rebound from the lows seen in late March following the escalation of tensions in the Middle East.
Small-cap stocks outperformed larger UK equities, with the FTSE 100 falling 1.7% over the shortened trading week.
EnergyPathways PLC has emerged as one of AIM’s standout performers after shares in the company surged 74% over the week following the award of a gas storage licence for its MESH project in the East Irish Sea. The licence, granted by the North Sea Transition Authority, covers an offshore area capable of supporting up to 60 large-scale salt caverns. The project could potentially double Britain’s gas storage capacity and provide up to six days of national energy supply.
Shares in EnergyPathways are now up around 122% year-to-date.
Among the week’s strongest risers was Engage XR Holdings PLC, which gained more than 70% amid renewed speculative buying interest in AI-linked technology names.
Light Science Technologies Holdings PLC climbed 53% after reporting progress in fire-resistant cladding and securing a major contract manufacturing order.
Oil and energy stocks rally
Union Jack Oil PLC advanced 33% after confirming drilling had commenced at its Crossroads well in Oklahoma, while Iofina PLC added another 17% following a strong trading update and expansion plans tied to US shale operations.
Weak performers hit by fundraising concerns
At the other end of the market, Ethernity Networks Ltd slumped 46% after warning that weaker-than-expected warrant exercises had forced significant cost-cutting measures, including senior management moving to part-time roles.
GenIP PLC dropped 39% following a discounted fundraising, while ADM Energy PLC lost 29%.
Shield Therapeutics PLC fell 22% despite reporting strong sales growth for its ACCRUFeR iron deficiency treatment, as investors reacted cautiously to changes in Medicaid authorisation rules and the departure of the company’s chief financial officer.
Bargain hunting continues in UK small-caps
Meanwhile, takeover interest in undervalued UK-listed companies continued, with Atlantic Lithium Ltd agreeing to a takeover by Zhejiang Huayou Cobalt in a deal valued at approximately $210 million.
The acquisition centres on Atlantic Lithium’s Ewoyaa Lithium Project in Ghana, one of Africa’s most advanced hard-rock lithium developments.
