Stocks that may or may not make the grade in the papers
G3 Exploration (G3E) nearly fulfilled its ShareTalk technical target of 30p (from 15p) the previous day in 24 hours, rather than a month, as investors continued to jump off the binary cliff edge regarding the winding up of Green Dragon Gas. It was mooted by cynics that the merits of chasing the stock higher were rather dampened by the possibility that overnight a judgement could trigger a sharp turnaround. However, for now the 58% rise in the shares, adding to a similar jump the previous day, suggested otherwise.
Punters favourite, Iconic Labs (ICON) jumped 24%, despite the motto on its Twitter feed, “we defy convention to create.” It rose in the wake of the announcement that multidivisional new media group has formally terminated all contracts and other arrangements between itself and European High Growth and Opportunities Fund. Despite apparently cutting ties with EHGOF, the debt to EHGOF remains and negotiations regarding this issue are ongoing.
Incessant FinTwit noise finally delivered a near double digit percentage rise for Ferro Alloy Resources (FAR). This came a week after the mining group revealed a production update last week. This reported that 188 tonnes vanadium pentoxide had been produced in nine months to 30 September 2020, up 72% on the same period the previous year.
Shares of oil & gas production / exploration group focused on Texas, Nostra Terra 0il & Gas (NTOG) further continued to frustrate the bears, and prove that 2020 is the year of the stock market comeback, with a 13% rise. This came in the wake of the announcement of a new Nomad, and perhaps more significantly in recent days, stakebuilding by small caps fund manager Premier Miton, who have lifted up from 4.99% to 9.65%.
There was another sharp rise in shares of Solo Oil (SOLO), soon to become the rather more glamorous sounding Scirocco Energy with a jump of 50% to 2.37p. This compares to less than 1p last week. The reason for the stock market enthusiasm was the announcement of a settlement notice with regard to the sum of $500,000 from GP Jersey.
Shares of podcaster Audioboom (BOOM) were back in the limelight after an extended leave of absence as the company announced a record Q3 and the end of a formal sales process. Audioboom looked forwards to the improvement continuing into Q4 as well as new subscription funds. The stock was up 11% to 197.5p.
Alien Metals (UFO) added to its recent bull run with a massive 46% re-rate. The multi-pronged mining group which recently acquired 117m2 of tenure adjacent to its Elizabeth Hill silver project in Western Australia, has not surprisingly seen an exercise of warrants into the sharp share price rise.
Shares of Microsaic Systems (MSYS) were up 31% to 0.62p, despite a love – hate theme regarding the stock in the market. Sentiment currently lies between the company being one of the perennial Cinderella companies of the small cap space, to one that could be the subject of an imminent takeover. All of this comes 6 weeks after the company’s interim results in which the mass spectrometry group reiterated that it was operating in the aftermath of a strategic review and formal sale process.
(The opinions expressed here are those of the author, a columnist for Share Talk.)
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