(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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CAP-XX Ltd, up 28% at 2.5 pence, 12-month range 1.6p-5.7p. The Sydney-based maker of supercapacitors and energy management systems says automotive parts supplier Continental Automotive GmbH, part of Continental AG, has granted the part submission warrant to Cap-XX, following the successful completion of Continental's production part approval process. In February 2022, Cap-XX signed a sourcing agreement with Continental to provide CAP-XX DMT220 prismatic supercaps for one of Continental's key automotive programs from 2024 to 2030. "Successfully completing this time and resource-intensive quality standard to meet the most stringent requirements of the German automotive industry is an endorsement to Cap-XX's product and manufacturing capabilities, and paves the way for Cap-XX to join other European automotive projects," says Marco Ranalli, general manager of Cap-XX Europe.
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Volex PLC, up 18% at 247.63p, 12-month range 198p-325p. The electronic components maker says both revenue and underlying operating profit are ahead of market expectations for financial year ended April 2. Expects revenue to be at least USD710 million, up 16% from USD614.6 million the year before. Underlying operating profit is expected to be at least USD66 million, up 17% from USD56.2 million. "We continue to deliver against the long-term, strategic growth plan that we unveiled last year, and I firmly believe that Volex's diverse global footprint, ongoing investment plans and reputation for excellence will continue to drive ongoing outperformance versus our competitors," says Chair Nat Rothschild.
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AIM - LOSERS
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Echo Energy PLC, down 40% at 0.04p, 12-month range 0.04p-0.6p. The Latin America-focused energy company reports falling production and a cash shortage. In the first quarter of 2023, average net gas production fell to 6.3 million standard cubic feet per day from 7.3 million in the final quarter of 2022. Net liquids production averaged 213 barrels of oil per day, down 29% from the quarter before. Says reduction in liquid sales volumes during the quarter and elevated Argentinian inflation levels have "significantly" weakened the group. At April 17, its UK cash balances stood at less than GBP100,000. Echo expects around ARS135 million, about GBP500,000, in revenue receipt in Argentina towards the end of April. Continues to explore financing options. Notes proposal from "significant" Argentine investor with potential to inject cash and an asset into the business, but discussions are at a "very early stage".
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IOG PLC, down 17% at 5.02p, 12-month range 4p-41p. The UK-focused developer and producer of offshore gas encounters a well control problem after drilling at the Blythe H2 well in the North Sea. Says this could impact the well's expected duration by up to four weeks. "While drilling through the Hauptdolomit formation within the Zechstein, an abnormally pressured gas and oil influx was encountered, with associated drilling fluid losses," IOG explains. The cost impact will depend on how quickly the problem is resolved, it notes. Says it is working closely with well operator Petrofac Ltd and drilling contractor Shelf Drilling UK Ltd to ensure drilling can be safely resumed. Petrofac shares were down 2.3%.
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By Elizabeth Winter, Alliance News senior markets reporter
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