Those upgraded growth forecasts and optimism over Trump’s about-turn on EU tariffs have served to buoy equities in London following the long weekend break. The AIM All Share tacked on a further 3 points to reach the bell at 739.46 in what appears to be a new closing high for the year.
- Poolbeg Pharma +57%
- Caledonian Holdings +38%
- Jangada Mines +25%
- React Group -20%
- Totally -17%
Poolbeg Pharma LON:POLB was on our radar at the start of the year amidst a proposed sale to a US-listed firm which came to nothing, but today finds itself at the top of the board. The shares jumped 57% after the company received FDA drug designation for a therapy it has developed. Shares however continue to trade some way below levels seen late last year.
Caledonian Holdings [LON:CHP] was in second place, up 38%. There’s no news yet, but the price has been advancing in recent days and volumes were showing as notably elevated, too. Is something incoming?
Jangada Mines LON:JAN gets the notable mention, up 25% after providing an update on investee company Blencowe Resources, which confirmed receipt of the latest tranche of grant funding from the US International Development Finance Corporation.
React Group LON:REAT was the biggest faller, off 20% following the publication of interim results and a trading update. Whilst there was plenty to cheer in this filing, critically it noted that the Board was adopting a cautious approach to conversion of new business in the second half of the year with results expected to be below market expectations.
Totally LON:TLY was 17% lower, extending losses from before the weekend break. On Friday management announced that they had concluded a strategic review and the only realistic route ahead was the sale of subsidiaries. The potential proceeds however, in the Directors’ opinion, were seen as unlikely to be sufficient to meet all future liabilities meaning there could be no value in the ordinary shares of the Company or any likely return to shareholders.
