The FTSE 100 and other major European stock indices ended the week lower, declining by 1%. The mid-cap FTSE 250 also fell, losing 0.6%. British Airways’ parent company, IAG, was the top performer, rising 7.2%, followed by Endeavour Mining, which gained 4.3%.
On the downside, housebuilder Vistry fell 15.5%, while mining company Antofagasta dropped 6.6%. Oil engineering firm John Wood led the gains, surging 16.1%, with Wizz Air up 10.3%. Mitie fell 10.1% among the biggest losers, and Serco dropped 9.8%.
Following Donald Trump’s decisive victory over Kamala Harris in the U.S. presidential election, much of the focus turned to the potential impacts on U.S. markets and the global economy at large.
Meanwhile, in the UK, a small-cap alternative energy company listed on the AIM market shrugged off the political noise, delivering an impressive 25% increase in its market capitalization.
Risers & Fallers
Hornby PLC (LSE: HRN), the model train manufacturer, saw its share price jump 19% after the Frasers-backed AIM company announced the sale of its wholly-owned subsidiary, LCD Enterprises. The deal, which includes the Oxford Diecast hobby brand, was completed with EKD Enterprises for a total of £1.38 million.
Digital marketing firm Electric Guitar (LON: ELEG) has secured new business since its AIM listing, but its share price has struggled. Although it rebounded by 17.7% to 0.5p, it remains down 25.9% for the week.
ITM Power (LON: ITM) secured its first order for a NEPTUNE V unit from Guttroff Gmbh, which serves the medical gases, welding supplies, and engineering sectors. The NEPTUNE V is a 5MW containerised electrolyser plant. Following the announcement, the share price rose by 3.39% to 40.84p.
Synergia Energy (AIM: SYN) finalized the farm-out of a 50% stake in the Cambay PSC to Selan Exploration, with a $20 million work programme now underway. A suitable workover rig and other equipment have been contracted for the initial two well workovers. The share price rose 8.42% to 0.0515p.
FALLERS
Africa-focused gold producer Hummingbird plc (AIM: HUM) emerged as the biggest decliner on AIM this week, following news of a debt restructuring that could result in a delisting from the market.
Management noted that ongoing challenges at its mining operations have “put significant pressure on Hummingbird’s balance sheet and its capacity to meet upcoming debt repayment obligations” and a potential takeover bid.
Production delays at the Kouroussa mine have put pressure on the company’s balance sheet, leading to a deferral of $30 million in debt repayments. As of the end of September 2024, net debt stood at $155 million, with trade and other payables at $152 million. Major shareholder Nioko Resources, which currently owns 41% of the company, has proposed a partial debt-to-equity conversion at a rate of 2.6777p per share, potentially increasing its stake to 71.8%, along with a possible bid to delist from AIM. Geoff Eyre has been appointed as interim CEO. Following the announcement, the share price plummeted by 62.5% to 2.25p.
Clinical infrastructure specialist Feedback PLC (AIM: FDBK) saw its valuation sharply reduced following its annual results and a dilutive equity raise. The company’s cash reserves nearly halved during the reporting period, while a £5.2 million share placement at 20p per share came at a steep 55% discount to the market price. Shares subsequently dropped 50%, aligning with the 20p offer price.
In technology, semiconductor manufacturer EnSilica PLC (AIM: ENSI) experienced a 24% drop in share price following a full-year trading update. Although revenues grew by 23%, gross margins contracted from 40% to 36% due to the impact of a “large tape-out contract.”
Bushveld Minerals (AIM: BMN) has retracted its production forecast after third-quarter vanadium output dropped from 1,000mt in the same period last year to 855mt. The weighted average production cost stands at $27.5/kg. Due to limited cash reserves, the company has been compelled to reduce production until additional funding is secured. The sale of the Vanchem vanadium processing plant was finalized on 7 November. Following the announcement, the share price plunged 21.1% to 0.375p.
Oil and gas explorer Empyrean Energy (AIM: EME) undertook a £1.12 million fundraising to support a potential acquisition of an option in the Wilson prospect in Australia, resulting in a 40% technical decline in its share price.
CyanConnode (AIM: CYAN), a developer of smart meter communications technology, reported interim results impacted by a slowdown in installations during the Indian elections. First-half revenues declined slightly from £5.8m to £5.6m, though rising software sales have improved gross margins. A strong performance in the second half will be needed to reach the full-year revenue target of £34.5m, which would mark the company’s transition to profitability. With a solid order book in place, this target remains achievable, but the final quarter will be crucial. The share price fell by 7.53% to 10.75p.
