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Having declined to its lowest level for more than a year in late September (losing a quarter of its value in three weeks along the way), the Aim index has found bouncing back more difficult than London's other markets. It has not been helped by a rash of suspensions, kickstarted by mail order business Actionleisure's decision to call in the liquidators, and rule infringements from RTS Networks and Pure Entertainment Games. One of the prerequisites of a junior market listing is that accounts must be made available within three months of the end of the first half and within six months for the full year. Results from RTS were late and Pure Entertainment has yet to deliver.

Forbidden love

The fact that Aim continues to flounder around the 840-point mark is all the more surprising considering that October proved to be an exceptional month for many companies. Leading the way was Forbidden Technologies, a firm dedicated to developing methods of streaming video footage over the internet. Tightly held Forbidden (chief executive Stephen Streater holds around 84 per cent of the stock) has powered from 24.5p to 94.5p in recent weeks, spurred on by speculation regarding imminent deals. Needless to say, this 286 per cent rise was greeted with jubilation from a host of on-line message board commentators. One excitable individual vocalised his joy professing, 'I love this stock, it's so dangerous!'

Forbidden's rapid ascension meant that automotive transmission innovator Antonov was forced to take a back seat despite plundering a 200 per cent gain of its own. Shares in the company surged to 42p as the management revealed that it is close to securing a licence deal with a 'major Japanese car company'. Completing the onslaught was Ofex graduate, IT services minnow PC Medics, up 100 per cent at 1.5p following the opening of a new Birmingham office and news of a joint venture with Technology and Internet Property Services.

Planes, trains and automobiles

Yet while some were enjoying the highs, others found themselves in desperate trouble, most notably Aviation Partners Worldwide. Like most of its contemporaries Aviation, which operates Rome-based airline National Jet Italia, is experiencing severe problems in the wake of the events of 11 September. Several routes have been suspended, two Boeing 737s have been grounded and shares in the company have slumped by more than 70 per cent to just 3.5p.

Also on the way down was Blooms of Bressingham, slipping 7 per cent to 90p in the wake of a second half profit warning. Problems have been caused by extended refurbishment work at several of Blooms' garden centres and a disappointing number of visitors to its steam locomotive museum. Prior to the announcement, Richard Ratner of broker Seymour Pierce was forecasting a £100,000 full year profit. He now expects a £400,000 loss, but says 'we still think it's a great company'.

New issues

The number of new companies arriving on Aim may be easing somewhat throughout the year, but it is testament to the high regard with which the junior market is held that a steady stream of hopefuls continue to emerge. Last October 20 ventures made their Aim debut. The class of 2001 boasts nine members, financial adviser Cavanagh, Full List transfer Montpellier and Vitesse Media (the publisher of this magazine) included.

It is likely to be a similar story in November with jewellery supplier Cabouchon Collection, plant hire group Andrews Sykes and, intriguingly, Deltex Medical already pencilling in their listing dates.

After seeing its share price collapse from to .45 in less than 18 months, heart-monitoring equipment developer Deltex has decided to surrender its Nasdaq Europe-listing in order to join Aim. Accompanying the move will be a £5 million Beeson Gregory-advised placing, the proceeds of which are due to be spent on marketing, research and development and the funding of clinical trials. Deltex is due to arrive on 8 November.