Following a spike on Tuesday that sent the market above 721 points, the AIM dropped through Thursday before paring losses with a minor Friday gain.
Following a spike on Tuesday that sent the market above 721 points, the Alternative Investment Market (AIM) dropped Thursday before paring losses with a minor Friday gain. The index improved 0.34 percent to hit 717.25 at the end of the week.
The improvement represents renewed investor confidence following Saudi Arabia’s military action in Yemen, which shook global markets earlier in the week.
Strategic Minerals (LSE:SML), which posted the day’s biggest gain, rose 36.36 to trade at GBP0.52. The mineral production and development company extracts magnetite ore from a New Mexico-based project and is currently developing several other mining projects.
Oil and gas exploration company Oilex (LSE:OEX) saw the day’s second-largest rise, with its share price climbing 29.17 percent, to GBP3.88. That improvement followed a March 26 announcement of further progress at the company’s oil and gas production facilities at the Cambay Basin in India. Oilex anticipates that production at the project will begin in May 2015.
Meanwhile, Tower Resources (LSE:TRP), another oil and gas exploration company, experienced the biggest loss for the day — its share price dropped 23.64 percent down to GBP0.21. Petroleum explorer InfraStrata (LSE:INFA) also saw a loss, with its share price hitting GBP3.12 for a decline of 13.79 percent.
(March 20, 2015)
AIM Round-Up: Karelian Diamond Gains 55 Percent
The Alternative Investment Market crept up on Friday to cap a relatively stable week. The market gained 0.29 percent and reached 715.55 points. Weaker-than-expected economic predictions from the week’s Federal Reserve meeting pushed some investors toward commodity investments, though comments from Fed Chief Janet Yellen indicate that a rate hike is still possible this summer.
“A tightening in June is still possible — Chair Yellen indicated as much in her press conference — but September seems more likely,” noted Daiwa Capital Markets Chief Economist Michael Moran to London South East.
The day’s biggest gain came from Karelian Diamond Resources (LSE:KDR), which gained 55.26 percent to reach GBP1.48. The company announced the discovery of a possible new diamond source this week. Another riser was Independent Oil and Gas (LSE:IOG), which develops oil and gas projects in the North Sea. This week, it announced an expansion to its offshore license that will allow it to develop the Hambleton discovery. Its share price rose 19.05 percent to reach GBP6.25, the week’s second-biggest improvement.
The biggest loser this week was Azonto Petrol (LSE:AZO), which develops West African petroleum reserves. Its share price dipped 13.33 percent to hit GBP0.32. Also seeing losses this week was Xtract Resources (LSE:XTR); the company’s share price hit GBP0.18 for a 12.2-percent fall, the day’s second largest. Xtract owns a gold and copper project as well as a phosphate project in Chile.
(March 13, 2015)
AIM Round-Up: Market Gains Slightly to Close at 716.86
The Alternative Investment Market increased 0.09 percent on Friday to close at 716.86 after falling to a midweek low of 711.59 on Wednesday. While the bounce is welcome, it still is a drop from last week, when the market closed at 717.76.
Among the top gainers in the mining space was Alexander Mining (LSE:AXM), which climbed 7.69 percent this week to reach GBP0.70.
On the downside, iron-focused Ferrum Crescent (LSE:FCR) saw the biggest loss this week at 26.32 percent; it hit GBP0.35. Kea Petroleum (LSE:KEA) also fell, dropping 19.43 percent to GBP0.70. The oil and gas exploration company has acquired acreage in the Taranaki Basin of New Zealand and has received several exploration permits for its properties.