AIM Round-Up: Xcite Energy Gains 17 Percent

The Alternative Investment Market (AIM) dipped on Friday to close down for the week overall. Specifically, the exchange slid 0.03 percent to hit 753.02. This is Money states that renewed strength in the oil industry buoyed some shares, but points out that the market sits 150 points below its position at the start of 2014.

Heavy oil appraisal and development company Xcite Energy (LSE:XEL) was the exchange’s biggest gainer on Friday. Its share price climbed 16.92 percent to reach GBP38. Xcite develops oil fields in the UK’s North Sea, and the company released an annual reserves report on April 30 that outlines a more defined work program for the development of its Bentley site. Xcite believes it will be able to enhance operational efficiency at the site in the future.

South Africa-based precious metal company Pan African Resources (LSE:PAF) also performed strongly, with its share price rising 8.7 percent on Friday to reach GBP12.50.

The market was less kind to Berkeley Minerals (LSE:BMR), a company that extracts lead and zinc tailings from former mines in Zambia. Its share price dropped 54.65 percent, to GBP0.488. The company released a correction to its interim results on May 1. The correction acknowledges accounting errors in the company’s previous releases.