The FTSE 250 rose on Tuesday tracking gains in the FTSE 100 towards pre-conflict highs while the AIM dipped as several big fallers dragged the index, despite a number of promising updates from companies in the small cap index.
National Express were among the top risers as shares rose 3.8% to 232p as a potential bidding war continued drive their shares higher as the board considers the future of the group that looks set to join forces with Stagecoach.
Softcat shares increased 6.2% to 1,825p with a 33% in revenues from £577m to £770.9m due to improvements in hardware, software and services, despite supply chain issues caused by the pandemic.
AIM Risers
Sovereign Metals shares flew 9.9% to 30.5p following the announcement of a drastic decrease in the carbon footprint when producing titanium through natural rutile, a mineral they found in abundance in their Kasiya project.
4D Pharma shares rose 9.6% to 44p after the drug manufacturer received FDA approval for the treatment of Parkinson’s Disease through the application of two live biotherapeutics, MRx0005 and MRx0029.
Alliance Pharma shares were trading up 0.63% to 112p following the announcement of a 39% increase in pre-tax profits due to increased e-commerce activity.
The Pebble Group, a tech product provider, saw shares jump 22% to 110p as revenues increased from £82.4m to £115.1m in 2021 as a result of increased client acquisition. The Brand Addition segment saw a rise of 41% in revenues to £102m in 2021 making it the largest contributor to the group’s income.
Beowulf Mining shares soared 23% to 14.5p following the company’s announcement of increasing ownership in Vardar from 49.4% to 51.4% through an additional investment of £200,000.
AIM Fallers
MusicMagpie took a dive of 16% to 52.5p as its downwards spiral continued. Shares are now trading down 68.4% year to date after its released mildly disappointing results due to increased competition and a slowdown in expected growth.
“In theory MusicMagpie should do well from a tougher consumer environment as people look to realise cash from the unwanted tech sitting in drawers and shoppers are more prepared to buy second hand as a belt tightening exercise,” said AJ Bell investments director Russ Mould shortly after they reported earlier this year.
Knights Group Holdings plummeted 47.5% to 191.5p after its trading statement on Tuesday which reported a slowdown in business and return to the office as a result of Omicron, alongside a “softening in business confidence” across the firm.
The Diurnal Group fell 43.2% to 43.2p after its drug Efmody was met with rejection for automatic reimbursement from NHS Scotland, and reports that the drug will not meet near-term sales goals and require further funding from the company’s resources to progress the drug into resubmission for the Scottish Medicines Consortium (SMC).