London’s small-cap market endured a difficult week as global technology volatility and geopolitical uncertainty weighed on investor confidence. The FTSE 100 declined 34.67 points to close at 10,690.36, while the FTSE 250 edged 0.1% higher to 24,237.39. The AIM All-Share fell 0.6% to 746.67.
For the week, the FTSE 100 lost 1.8%, the FTSE 250 declined 1.2%, and the AIM All-Share dropped 3.3%, ending a stronger period for UK equities.
Gelion (LON: GELN) led the week’s gainers, surging 55% after independent testing in the United States supported the performance of its innovative sulfur-based battery technology. The company is developing a battery cathode material that replaces more expensive, supply-constrained metals with sulfur, an abundant, comparatively low-cost element.
Pulsar Helium (LON: PLSR) jumped 29%, supported by renewed investor interest following a company presentation and an interview featuring a helium industry expert. The company’s exposure to helium exploration attracted attention as the gas becomes increasingly important for medical imaging, semiconductor manufacturing and other advanced technologies.
IXICO (LON: IXI) advanced 26% after upgrading its revenue expectations and securing a new £1.5 million contract to provide specialist brain imaging services for an Alzheimer’s disease clinical trial. The contract strengthens IXICO’s position in medical imaging analysis, where its technology supports pharmaceutical companies developing treatments for neurological conditions.
Metals One (LON: MET1) gained 20% after signing a term sheet to acquire full ownership of Lions Bay Resources, potentially adding mining and energy assets in South Africa to its portfolio. The proposed acquisition includes the Barbrook Gold Mine in Mpumalanga Province and the KC Energy Cogeneration Power Plant in Newcastle, KwaZulu-Natal.
Huddled (LON: HUD) shares jumped 13.8% after the online retailer announced plans to acquire AEWW, its joint venture partner operating live commerce channels on the Whatnot platform. The acquisition is valued at £290,000, payable through new shares issued at 0.75p each. The existing Whatnot channels have attracted more than 120,000 followers, providing an established audience for Huddled to expand its product range and introduce additional sales channels.
Cornish Metals (LON: TIN) recovered 7.14% following its £135 million fundraising at 60p per share and the publication of its shareholder circular ahead of a general meeting scheduled for 9 November. The financing is intended to support development of the South Crofty tin mine in Cornwall through initial production and subsequent ramp-up, with a six-year offtake agreement secured with Glencore. Chief Development Officer Fawzi Hanano purchased 55,000 shares at 69.3p each, increasing his total holding to 180,000 shares.
Halo Minerals (LON: HALO) rose 5.17% after confirming that its subsidiary had received a mining permit for the Playa Verde copper and gold tailings project in northern Chile. The approval allows mining works associated with dredging mineral-bearing material at Chañaral beach, representing another regulatory milestone as Halo progresses towards a final investment decision.
This weeks fallers
Invinity Energy Systems (LON: IES) dropped 36% following a £35 million fundraising, as the battery storage specialist secured additional capital to support its commercial development strategy. The company is focused on vanadium flow battery technology, which is designed for long-duration electricity storage and applications involving renewable energy integration. The additional funding could support expansion and commercialisation, although investors remain focused on the company’s ability to translate its technology into sustainable revenues and profitability.
Catenai (LON: CTAI) plunged 26.3% after announcing that Innovate UK Loans had filed for the appointment of an administrator to Klarian, one of its investee companies. Catenai previously provided Klarian with a £450,000 unsecured convertible loan note facility, with the amount outstanding now exceeding £762,000 when interest and fees are included. The development raises uncertainty over the recoverability of the investment and its potential impact on Catenai’s financial position.
Cornish Metals (LON: TIN) fell 26% after securing commitments for a £135 million fundraising to support development of its South Crofty tin mine in Cornwall. The financing includes £11.2 million from Glencore, alongside support from the National Wealth Fund, Vision Blue Resources and other investors. The funding is intended to support mine construction and progress towards first tin production in mid-2028, while helping satisfy conditions for access to previously arranged debt financing. Although the fundraising represents a significant development milestone, the issue of new shares has raised concerns about dilution for existing shareholders.
Focus Xplore (AIM: FOX) declined 18.4% despite commencing Phase 1 exploration at its Clarkdon gold property in Ontario, Canada. The programme includes soil geochemical sampling and geological prospecting across two principal target areas, with results expected to help guide future exploration work.
Bezant Resources (LON: BZT) fell 9.84% after securing a £4 million financing facility from YA II PN, which is being drawn down in full. The unsecured, non-convertible loan is repayable in cash, with the first scheduled repayment due in January 2027. The funding will support operations and the Phase II expansion at Bezant’s Hope and Gorob copper project in Namibia, where concentrate production has commenced and the first shipment is expected in November. While the facility provides additional working capital, investors must also consider the repayment obligations and potential dilution associated with the financing arrangements.
Packaging manufacturer Robinson (LON: RBN) dropped 8.16% after warning that trading conditions had weakened further in recent weeks. The company said its usual early-autumn improvement in demand had fallen short of expectations, while energy costs had increased more sharply than anticipated. Broker Cavendish responded by reducing its 2026 pre-tax profit forecast by approximately two-thirds to £500,000. Robinson is implementing cost reductions and pursuing property disposals to strengthen its financial position, with net debt expected to reach approximately £6.1 million by the end of 2026.
The week’s contrasting share price movements highlight the opportunities and risks facing AIM investors, with independent technology validation, contract wins and acquisition plans supporting selected stocks while major fundraisings weighed heavily on others.
With global markets continuing to reassess technology valuations and financing costs, investors are likely to remain selective, favouring companies able to demonstrate measurable commercial progress, financial resilience and clear routes towards revenue generation.
