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With Bitcoin copying its late 2017 pattern of ascent towards $20,000, it was finally the turn of crypto-miner Argo Blockchain (ARB) to witness some decent momentum. At the same time traders were revisiting the company’s recent announcement regarding not only adding new more powerful mining machines from early next year, but also providing mining services to third parties. All of this has been enacted via Core Scientific as its hosting partner and Celsius Network as its financer. Argo shares rose 14%.
One of the better stock market rules is to watch out for shares which rise after a placing, and this was the case at IP investment group Tekcapital (TEK) as it raised £380,000. To be fair though, the fact that there was a 17% rise for the stock was helped along by the way that the raise was a relatively small one, and coincided with the news that Edale Capital had raised its stake in Tekcapital from 4% to just under 7%.
Hot on the heels of last week’s acquisition of Brandshield by Two Shields (TSI), and ahead of the change of name to Brandshield Systems early next month, there was news of a major contract win for Brandshield with the Pharmaceutical Security Institute in the US. BrandShield said the deal will help several members of the PSI remove online threats such as rogue pharmacies and counterfeit websites, including those related to COVID-19 vaccines. Yoav Keren, Brandshield’s CEO added that the news is another example of how large companies are addressing brand protection and online threats by using its cyber solution services.
Shares of Sunrise Resources (SRES) were on the front foot in the wake of the previous day’s project updates from Nevada and Australia. The 13% rise in the stock came as traders pointed to the company being fully funded to exploration / production in terms of its gold and silver projects, being in discussions with potential offtake partners and having a gold drill plan in place in Western Australia.
Clinical stage biotech specialist Valirx (VAL) was back on the leaderboard with a 16% rise, as investors bottom fished the stock near recent lows below 20p. The shares have fallen from a late September peak at 73p. Speculation on the bulletin boards once again centred on a full readout of VAL 201, as well as a potential big pharma tie up, possibly from Japan. The last official news from Valirx was on November 10 regarding an agreement with Kalos Therapeutics to develop its ovarian cancer treatment.
Software solutions group i-nexus Global (INX) rose 16% to 6.1p, as the market decided that this company was back into recovery mode. This was said on the basis that the pipeline was back to pre-COVID-19 levels, the company operating at monthly breakeven, and the recent fund raise was well above the present share price.
Metals processing group Jubilee Metals (JLP) continued to feel the benefit of last week’s results for the year ending June 30 2020. The highlights here were total revenue for the year increased by a strong 132 %, to £ 54.8 million, and earnings growth of 162 % to £ 18.3 million. The shares reached a new 52 week high of 8.45p, up 5%.
Finally, shares of Braveheart (BRH) and Remote Monitored Systems (RMS) remained in focus after the shakeout in both stocks since the beginning of the week. Traders were pointing out that Braveheart managed to turn a £500,000 investment in RMS into £15m and is still sitting on 7% of the company which is valued as much as £4m. Braveheart was also said to have the fastest and most sensitive COVID-19 test, as well as being flush with cash as compared with its present £15m market cap versus a 41.5p share price.
(The opinions expressed here are those of the author, a columnist for Share Talk.)
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