AIM Round-Up: Solo Oil Increases Resource Estimate, Shares Up 33%

The Alternative Investment Market rose 0.14 percent or 1.12 points on Friday to 778.50. The index’s increase is notable as stocks across Europe fell Friday on investor concern the recent stimulus measures unveiled by the European Central Bank are not sufficient, reported Bloomberg Businessweek. A lackluster jobs report for the US also did little to buoy investor confidence, as European stocks drew back from a two-month high achieved just earlier this week.

“Markets are weak today as investors doubt the measures announced yesterday will produce growth, improve jobs or increase inflation,” Daniel Weston, a portfolio manager at Aimed Capital GmbH in Munich.

UK-based oil and gas exploration investment firm Solo Oil PLC (LSE:SOLO) was one of the top gainers on the day listed on the AIM. Solo Oil, was up 33.47 percent or GBP0.16 to trade at GBP0.63, bolstered throughout the week after good news broke surrounding a project in Tanzania that increased the estimated volume of natural gas deposits, London South East reported. Edenville Energy (LSE:EDL) was another well-performing resource company, after it rose 25.09 percent or GBP0.01 to trade at GBP0.06. Edenville is a mining company active in coal and uranium development and exploration in Africa.

Fresnillo PLC, (LSE:FRES) a precious metals company engaged in projects in Mexico, experienced the biggest losses on the AIM overall, losing 4.51 percent or GBP40.5 to trade at GBP869.