The following stocks are the leading risers and fallers on AIM on Wednesday.
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AIM - WINNERS
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Uru Metals Ltd, up 9.9% at 4.67 pence, 12-month range 1.60p-11.00p. The mineral exploration & development company spots ‘high priority’ drill targets at the Zeb nickel asset in South Africa. ‘The work, conducted by GeoFocus Geophysical Solutions (Pty) Ltd, has identified a series of high-priority drill targets with strong potential to host high-grade nickel-copper-PGE sulphide mineralisation,’ Uru says.
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Central Asia Metals PLC, up 5.3% at 164.00p, 12-month range 134.46p-241.00p. It has agreed to buy ASX-listed New World Resources Ltd for A$185 million, about £88.8 million, bringing with it a 100% interest in the Antler copper project in the US state of Arizona. The latest mineral resource estimate for the Antler project was 14.2 million tonnes of copper at a grade of 3.8% per tonne of ore. The project has a net present value of $498 million. Central Asia Metals says the acquisition will be funded from existing cash and a new $120 million credit facility from a syndicate of international lenders.
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AIM - LOSERS
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Shoe Zone PLC, down 21% at 90.50p, 12-month range 70.00p-195.00p. The footwear retailer swings to a pretax loss of £2.3 million in the 26 weeks to March 29, from profit of £2.6 million. Revenue declines 6.5% to £71.5 million from £76.5 million. Shoe Zone says: ‘Our original full year profit before tax forecast was £10.0 million, which was revised down to £5.0 million. This reduction was due to the challenging trading conditions we experienced, particularly in the first quarter of this financial year, due to weak consumer confidence and unseasonal weather conditions. As a result of the changes announced in the October 2024 budget, we will also incur additional national insurance and national living wage costs in the second half of this financial year. ’The second quarter has shown improvement, but the trading environment continues to be difficult as consumer confidence continues to be low. During the second quarter, we have seen more stability/reduction in the price of containers, and a strengthening of sterling against the dollar, both of which will start to benefit in the second half of this financial year.‘
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