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With tensions in the Middle East easing – at least for now – and a renewed flurry of M&A activity, equity markets started the week on the front foot. London’s AIM All Share briefly traded above 750 for the first time in a week before reaching the bell up four points at 749.94.
- Base Resources +115%
- Made Tech +51%
- Tungsten West +25%
- Aferian -34%
- Alien Metals -17%
Base Resources [LON:BSE] surged higher today on bid news with a shares and dividend offer being tabled that equated to around at 180% premium to Fridays closing price. Shares sat around 100% higher in early trade and managed to eek out some incremental gains but current levels suggest if the deal comes off then there’s still more in the tank.
Made Tech [LON:MTEC] also had a good start to the week, adding 51% off the back of news that it had been awarded a new £20m contract over the next two years from the Department of Levelling Up. This extends the existing relationship between the two parties.
Tungsten West [LON:TUN] gets the notable mention, up 25%, extending last week’s gains and lifting the stock to 12 month highs as a result. Metals prices are faring well right now and the company is also in the final stages of an environmental agency application for a mine near Plymouth. The final call on that is still some weeks off but momentum is building.
Aferian [LON:AFRN] was the day’s biggest faller off 34% at the close. A trading update this morning from the B2B video streaming company revised the full year outlook towards the lower end of previously issued guidance. Cost saving measures are continuing and the CEO has also announced his departure later in the year, but there’s clearly work to be done.
Alien Metals [LON:UFO] may have gained ground last week ahead of Friday’s licensing news, but the support is proving difficult to sustain. There’s no further news here but some investors seem quick to have jumped in to turn a modest profit. Shares were down 17% at the bell.
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