AIM WINNERS & LOSERS: Serabi up as gold shines; Steppe slumps

Fri, 20th Sep 2024 10:23

(Alliance News) - The following stocks are the leading risers and fallers on AIM on Friday.

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AIM - WINNERS

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Serabi Gold PLC, up 1.1% at 87.97 pence, 12-month range 25.60p-88.40p. Shares hit close to this one-year high, achieved on Wednesday, on a rising gold price. Serabi, a Brazil-focused gold miner, has risen 11% so far this week. Gold hit a record high above USD2,612 an ounce on Friday, as the precious metal has been boosted by the US Federal Reserve's 50 basis point interest rate cut.

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AIM - LOSERS

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Steppe Cement Ltd, down 15% at 13.15p, 12-month range 12.02p-28.75p. The operator of two cement production facilities in Kazakhstan reports a decline in half-year revenue due to a fall in sales volumes. "Although the first quarter experienced a significant drop in volume of sales of 18%, this was offset by a 2% increase in the second quarter of the year, following price adjustments to align with market conditions. Volume of sales has continued to recover in the third quarter of 2024, and the price of cement has increased," Steppe says. Revenue in six months to June 30 declines 6.8% to USD34.4 million from USD36.9 million a year prior. It swings to a pretax loss of USD4.4 million from profit of USD61,000.

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Iofina PLC, down 7.0% at 20.00p, 12-month range 17.01p-31.00p. Its interim profit has fallen by more than three-quarters. The Colorado, US-based iodine producer says its revenue in the six months to June 30 was USD26.0 million, up 7.0% on-year from USD24.3 million. However, pretax profit falls 77% to USD1.1 million from USD4.7 million. Cost of sales rose to USD20.8 million, up 30% from USD16.0 million. Administrative expenses rise 19% to USD2.8 million.

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By Eric Cunha, Alliance News news editor

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