Part of the raison d’etre of #StockMarketWatch is to fill in the gaps left by the mainstream media.
After what seems like months, but is just weeks, there was a decent rebound in some of the more popular COVID-19 plays. Leading the pack was Genedrive (GDR) with a 17% rise. This came off the back of the molecular diagnostics company, announcing that it had notified the Food and Drug Association in the United States of its intention to import and distribute its Genedrive 96 SARS-CoV-2 Kit as described in the guidance on Policy for Coronavirus Disease-2019 Tests. Given that Trump’s America became an international COVID-19 hub – like the UK, investors have been chomping at the bit regarding such news to land.
After telling all and sundry for nearly a decade that cryptocurrencies are a scam and doomed to failure, the mainstream has been taking great delight at Bitcoin hitting a record $20,000. Given that all things crypto were a one way bet as soon as the FCA banned retail investors trading them in October, the latest surge should come as no surprise. However, there was an ongoing positive read across for crypto miner Argo Blockchain (ARB) as it rose during the session in line with push higher for digital assets. At 12.5p it still remains some 5p below the initial peak on the day of its IPO in 2018.
There was a sharp rebound in shares of CBD specialist Zoetic (ZOE), with a 16% jump to 16p. This was somewhat ironic, as the recent pullback for the shares below 60p had some traders doubting the integrity of a rally which has seen Zoetic become one of the best risers of 2020.
ECR Minerals (ECR) continued to be one of the private investor favourites of the year, with a 15% jump, temporarily reaching a 4 year high at 4p. The driver for the move on this occasion was the appointment of Adam Jones as Non Executive Director. ECR said Jones has been brought in off the back of his specific knowledge of the company’s licenses. This is particularly so at the key Bailieston gold project, where ECR’s now famed new diamond drill rig is set to be deployed imminently.
As might have been expected, and as the more experienced Fin-twitterati suggested, there was a bounce at Contango (CGO) after the rather irrational fall on a much larger than expected resource announcement. With the only logical explanation left for the decline being profit taking on a crowded trade, rather than fears of a fund-raise, the stock rose 14% to close at 8p.
After a long gestation period, it appeared that shares of crude palm oil to cashew play Dekel Agri-Vision (DKL) were gaining traction both in terms of the stock up 14%, and the appreciation of the fundamentals amongst traders. This gain came the week after the company said that for the second consecutive month, it was reporting double-digit increases in CPO production, sales and prices compared to the equivalent period last year. On this basis it suggested that FY 2020 numbers will show a material improvement as compared to FY2019.
Amidst soaring iron ore prices, it was not difficult to some traders to decide that one plus one equals eleven as far as the fundamentals of Zanaga Iron Ore (ZIOC). They were pointing to its 50/50 partnership with Glencore, and that one conventional pricing models rather than less than 10p a share currently, the value of Zanaga could be an inferred 70p if consolidation in the sector started to accelerate. But at least in the meantime the stock was up 13%.
(The opinions expressed here are those of the author, a columnist for Share Talk.)
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