The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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Enteq Technologies PLC, up 21% at 10.00 pence, 12-month range 7.20p-15.50p. The energy services technology and equipment supplier says its Saber drilling tool met test objectives during extensive downhole drilling testing in North America, providing a ‘game-changing’ alternative to traditional rotary steerable systems. The company says Saber has the potential to disrupt the RSS market within the drilling industry, which it claims is worth more than $2 billion per year, claiming it can bring about ‘new levels of performance, both commercial and technical, for operators and service companies’. Chair Martin Perry says: ‘As an independent and agile company, we are positioned to play a disruptive role in the downhole drilling industry. Throughout this project we could see the potential of this technology to make a positive change to the sector.’
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CyanConnode Holdings PLC, up 7.4% at 16.24p, 12-month range 11.00p-26.00p. The narrowband radio frequency mesh networks provider wins an order for 500,000 omnimesh modules from IntelliSmart Infrastructure Private Ltd. In addition to the modules, the order includes advanced metering infrastructure, standards-based hardware, services, omnimesh head-end software, a perpetual license, and an annual maintenance contract. The company says the order will support a smart metering deployment for a Power Grid Corp of India Ltd project for Madhya Gujarat Vij Co Ltd, a utility located in Gujarat, India. The supply of omnimesh modules for this project is expected to commence during the third quarter of financial 2024, and the deployment will be completed within 27 months.
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AIM - LOSERS
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Velocity Composites PLC, down 8.2% at 42.24p, 12-month range 13.65p-68.55p. The supplier of composite material kits to aerospace and other high-performance manufacturers plans placing and subscription of 15.5 million shares to raise £6.2 million. Also plans to raise £500,000 through a retail offer of 1.3 million shares. The issue price is 40p per share, representing a 13% discount to the market price of 46.0p on Tuesday. Velocity says the proceeds of the fundraising will be used for capital expenditure and working capital for expansion. Chair Andy Beaden says: ‘This well subscribed fundraise is a key step forward in the development of Velocity into a substantial business. The funds enable us to grow faster and add additional skilled staff in the aerospace composites market.’
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