Home Money SMALL CHAPTER MOVEMENTS: Fiinu agrees AI deal with UK bank

SMALL CHAPTER MOVEMENTS: Fiinu agrees AI deal with UK bank

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Several companies made triple-digit percentage gains in the junior AIM market

Dismal economic data did little to depress London shares this week as a strong performance across the board saw plenty of winners emerge on AIM.

Several companies posted triple-digit percentage gains in the junior market, led by finu and its even more impressive four-digit percentage increase.

Shares in the fintech soared 1,560 per cent to 8.3p on Friday, boosted by the unveiling of a first deal for its flagship product with an independent UK bank on Wednesday.

Plugin Overdraft, Fiinu’s white-label AI banking-as-a-service platform, would be incorporated into the bank’s treasury, regulatory reporting and accounting systems, it said.

Once launched, Fiinu would receive royalties from the bank’s audited profits, and CEO Marko Sjoblom noted the strategic collaboration as “a fundamental step.”

There was also news of a collaboration. Trellus Health Shares soar, this time up 199 per cent to 2.36p over the week.

In partnership with Johnson & Johnson Health Care Systems Inc, its digital platform, Trellus Elevate, would be piloted in the United States.

Patients with moderate to severe inflammatory bowel disease would receive support through the platform, which integrates data analytics with personalized resilience programs to help against the emotional and physical challenges of chronic illness.

In turn, Trellus was to receive an upfront license fee and a flat monthly management fee during the one-year trial.

Several companies made triple-digit percentage gains in the junior AIM market

Quantum Blockchain Technologies was also among triple-digit risers, jumping 122 per cent to 1.75p after gracing investors with an upgrade to its Bitcoin mining technology.

Method C AI Oracle was now capable of real-time mining of current blockchain blocks, it announced on Friday, and the technology had previously been tested with historical data.

“After almost three years of R&D efforts, the AI ​​team working on Method C has obtained its first irrefutable result,” said CEO Francesco Gardin.

Superior performance in terms of power consumption and an acceleration in mining speeds were recorded, equivalent to a 30 percent improvement compared to standard mining technology.

It was overall a strong week for London-listed companies as, although economic data was sluggish, news of falling inflation fueled bets on an interest rate cut in February.

Data from the Office for National Statistics on Wednesday showed headline inflation fell from 2.6 per cent to 2.5 per cent in December.

Figures on Thursday showed the UK economy grew more slowly than expected, by 0.1 per cent in November.

While still painting a bleak picture, the numbers lined up to open the door to a Bank of England rate cut next month, which analysts said was virtually set in stone.

Shares rallied as a result, with the FTSE 100 heading into the weekend 2.9 per cent higher and hitting a new all-time intraday high of 8,489 on Friday morning.

Mid-caps enjoyed an even stronger performance, with the FTSE 250 rising 4.3 per cent, while the junior market also rose as the AIM 100 gained almost 1 per cent and the All-Share index added 0.7 percent.

A host of startups in the junior market saw several rack up strong gains, including Celadon Pharmaceuticals up 60 per cent to 28.8p.

Celadon on Thursday flagged a supply deal with Denmark’s Valeos, paving the way for it to fulfill a German medical cannabis contract signed just over a year ago.

Revenues of £26m were expected from the three-year German deal, which came at the last minute after Celadon said in January it only had a cash runway until March.

T42 IoT Tracking Solutions was among others, rising 52 percent after the global shipping container monitoring firm revealed a $5.2 million contract in Latin America.

The resolution of a long-running dispute with the Department of Health and Social Care over lateral flow testing saw Cambridge Nutritional Sciences gain almost 24 per cent.

Blue Star Capital also posted the biggest gains of the week at 7.32 pence and a rise of 202 per cent, although it said on Monday this was for reasons unknown to the investment firm.

Meanwhile, Sirius Real Estate Ltd shares rose 7.4 percent after signaling strong investor support for a €350 million bond issue.

Elsewhere, Futura Medical rose 6.7 percent thanks to positive results from a sensory study of WSD4000, its gel treatment for female sexual dysfunction.

However, AIM still faced its share of pressure, having dealt with an exodus of company exits last year, with Deltex Medical Group falling 41 percent as it became the latest to signal plans for an exit on Thursday.

Meanwhile, wrapping paper and greeting card maker IG Design Group led the junior market declines, falling 60 percent in a profit warning on Friday, where it cited “challenging market conditions.”

Indeed, broader challenges saw AIM face another poor performance against its larger counterparts, as the prospect of rate cuts appeared to only partially offset current issues related to high borrowing costs and low sentiment that have taken hold. recently.

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