The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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IQE PLC, up 28% at 25.65 pence, 12-month range 12.27p-27.75p. The supplier of compound semiconductor wafer products rises. IQE expands its partnership with Advanced Wireless Semiconductor Co with a multi-year supply agreement. As part of its strategic partnership, IQE will supply AWSC with Gallium Arsenide wafers for the manufacture of smartphone power amplifier devices to be supplied to its key customer Lansus, the Chinese RF technology supplier. Chief Executive Americo Lemos says: ‘IQE is expanding its Wireless addressable market into the Android ecosystem. We are delighted with our successful partnership with AWSC and look forward to continuing as a trusted partner and growing our business together.’
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Harvest Minerals Ltd, up 58% at 1.98p, 12-month range 0.61p-7.30p. The fertiliser producer updates markets on quarter one sales of its organic, multi-nutrient, direct application fertiliser, KP Fertil. Chair Brian McMaster says: ‘The Q1 2024 sales update with orders totaling 8,492 tonnes represents 24% of our 2023 volume ordered, and is a fair start to the year. As we move forward, we acknowledge the challenging market conditions but remain cautiously optimistic about the anticipated improvement in the second half of the year, particularly in our target crop segments.’ Looking ahead, guides for 70,000 tonnes in 2024. Harvest also said it had identified potential for rare earth elements at its wholly owned Arapua Fertiliser project. Analysis of rock samples from the site in southeastern Brazil demonstrated the occurrence of rare earth elements with contents ranging from 1,176 to 1,860 parts per million.
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AIM - LOSERS
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Chamberlin PLC, down 21% at 1.30p, 12-month range 1.30p-4.48p. The specialist castings and engineering group, after issuing trading update on three month period ended February 29. The company’s financial year runs to May 31. Underlying demand across Chamberlin during the third quarter was below management’s expectations. ‘Schedules over the period were lower than previously forecast by our customers and were further impacted by delays with the startup of certain new programs,’ the company says. Adds that lower sales have negatively affected profitability.
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