After a terrible week for the stockmarket, equities were determined to end the five-day session on a happier note. By mid-morning on Friday, the FTSE 100 was up 67 points at 6,226.
Clean energy investor Trading Emissions (TRE:AIM) jumped 6.5% to 33p after unveiling a £37.5 million cash return, equal to 15p per share. The £85 million company had £54 million of net cash on the books at half-year results in March.
Vascular-based device company Lombard Medical Technologies (LMT: AIM) improved 6.8% to 180p after securing US approval for a new delivery system for its Aorflex stent graft. Aorfix is the only device licensed in the US to treat abdominal aortic aneurysms with neck angulations up to 90 degrees. Management is preparing to launch the device in the US where it was approved in February.
Medical testing device maker Omega Diagnostics (ODX: AIM) improved 1.4% to 17.1p following a positive update with preparations to launch its manual allergy tests on Immunodiagnostics Systems’ (IDH: AIM) automated IDS-iSYS platform. The imprecision issues have been fixed and Omega can now complete the development programme, where it aims to launch 40 of these tests on the system in its current fiscal year.
The mood is improving around broadcast camera kit manufacturer Vislink (VLK). It advanced 2.5% to 30.75p as investors liked a spot of director dealings. Executive chairman John Hawkins and finance director Ian Davies jointly swooped for over 180,000 shares in combined near £55,000 deals. Shares last month flagged the momentum in the business.
It's hardly surprising that innovation microcap Imaginatik (IMTK:AIM) was flat at 0.1p despite axing a third of its board. While the move better reflects the company's tiny £2 million market value, the threat of an Aim market delisting still hangs over the company.
US onshore oil & gas play Nostra Terra (NTOG:AIM) fell 6.8% to 0.41p after announcing a £750,000 equity fundraise to finance wells on its Chisholm Trail project in Oklahoma. The placing price for the new shares is 0.4p.
Latin American hydrocarbons explorer Geopark (GPK:AIM) gained 0.4% to 585p after announcing the successful testing of gas production from a previously untried formation in the Yagan Norte 4 well on the Fell Block in Chile.
It was surprising to see shares in Richland Resources (RLD:AIM) unmoved at 4.38p, given a very negative announcement. It has flagged the need for cash and says forthcoming financial results will reflect a 'significant loss' after operations were disrupted by illegal miners. The latter is not 'new' news, so perhaps investors aren't surprised about the fundraising red flag.
Chinese shareholder DRK continues to flex its muscles at troubled gold producer Vatukoula Gold Mines (VGM:AIM). It has appointed two representatives to the board of the Fiji-based miner. This means two existing board members have lost their seat at the table. Out goes John Kearney and Kiran Morzaria, the latter still keeping his job as chief financial officer. The market liked the decisive action, sending the depressed share price back up 5% to 8p.
Online dating provider Cupid (CUP:AIM) dipped 2.9% to 67p as investors voiced disappointment that today's AGM trading update contained no news on a potential takeover of its casual dating division beyond confirming that proposals are under evaluation.