SMALL CAP MOVERS: Spitfire Oil and health firm Cambridge Cognition plummet while miner Horizonte Minerals is sent skyward by Brazil deal
The AIM All-Share was relatively flat over the week, down 0.06 per cent at 870.9, while the FTSE 100 was up 1.6 per cent at 7,211.
On the junior market Spitfire Oil sank 24 per cent to 2.7p following news it could be suspended from AIM after becoming a cash shell due to relinquishing its retention licence over the Salmon Gums lignite tenements in Australia.
Another oil sector player having difficulties was Providence Resources, which slipped 8.3 per cent to 6.7p after it once again said it had received no funds from a Chinese partner relating to a farm-out agreement for its Barryroe project and had extended the backstop date for payment once again to 2 September.
Markets: The AIM All-Share was relatively flat over the week, down 0.06 per cent at 870.9, while the FTSE 100 was up 1.6 per cent at 7,211
Shares in software developer Proactis hit a bit of a glitch, falling 4.9 per cent to 49p, as a trading update contained little news on potential buyers for the firm after it put itself up for sale at the end of July.
Meanwhile, a profit warning caused a headache for brain health firm Cambridge Cognition, which plunged 53 per cent to 29p after saying it expected losses to double this year.
In the risers, nickel miner Horizonte Minerals soared 43 per cent to 4.4p after inking a $25million funding deal for its Araguaia project in Brazil with Orion Mine Finance, one of the market’s largest project financiers.
Fellow miner Bushveld also jumped 17 per cent to 24p after the acquisition of vanadium processing assets from South African firm Vanchem was approved by the country’s regulator.
Sports marketing group TLA Worldwide climbed 9.4 per cent to 1.8p as a proposal to sell its Australian subsidiary to media firm QMS Sports for around £15.6million was approved by shareholders at a meeting on Thursday.
Wey Education was putting on a class act in the week, leaping 28 per cent to 12p after it upped its full-year guidance.
Headache: A profit warning caused a headache for brain health firm Cambridge Cognition
The online education firm said revenues for the full year will exceed £6million, well ahead of market expectations and up more than 43 per cent on the previous year.
Finally, brick supplier and new AIM entrant Brickability made a healthy start after listing on Thursday, with the shares having risen 4.6 per cent to 68p from their float price of 65p.
The retail crisis on Britain’s high streets plunged yet another well-known name into troubled waters this week after footwear retailer Shoe Zone sounded the earnings alarm.
The firm said on Friday that ‘tough’ trading conditions had been counteracting efforts to boost growth, and as such the full-year performance was expected to be ‘below its expectations.’
To make matters worse, the group’s CEO, Nick Davis, has headed for the door with immediate effect, with the firm citing his desire to “pursue other business interests”.
Troubled times: Retailer Shoe Zone issued a warning over profits on Friday
The retailer’s gloomy fortunes are a far cry from last year, when it delivered better than expected trading and unveiled a £4million special dividend for investors, the latter of which was not likely to be repeated for 2019.
It didn’t take long for shareholders to stick the boot in, with the stock tumbling 28 per cent to 138p over the week.
The saga of suspended football pitch operator Goals Soccer entered a new phase this week when the group confirmed it had put itself up for sale.
Billionaire tycoon Mike Ashley, whose Sports Direct chain owns around 19 per cent of Goals, is likely to be high on the list of potential buyers.
Shares in the company have been suspended since March after it admitted an accounting crisis which could involve several ex-directors including former CEO Keith Rogers ex-CFO Bill Gow.
With the company saying it will not be able to sign off its full-year accounts by the end of September, it will almost certainly be de-listed from AIM.