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Despite being one of the most actively traded stocks of the day on the London market, it was perhaps surprising that there was no net change for shares of Iconic Labs (ICON). This was in the aftermath of the previous day’s announcements regarding a new management contract for the company with Lovin’ Media, to bring £10,000 a month. Perhaps what was supportive to the bullish cause as well as the new contract was the TR1 landing the same day that OTT Holdings was in at 18% on the shareholder register. Traders were speculating that the high volumes could indicate further stakebuilding was being undertaken.
Another stock in the sights of bargain hunters was Rambler Metals (RMM), which traded positive on the day after an initial downside probe leaving it up 2% on the day. This came in the run up to its General Meeting on December 2, and after last month’s $13.25m / note financing. All of this leaves bulls of the stock pointing to a soaring copper price, and a company ready to move into full production, with a £215m NPV as compared to the present very modest market cap.
There was further positive news for Wishbone Gold (WSBN), as the exploration company said it has applied for a new exploration licence to the South and West of the Company’s Wishbone licences in northern Queensland, Australia. This increases the land tenure in the gold region to 208 km2. This new tenement is located 15 km north-west of the Ravenswood Gold Mine, which was recently sold by Resolute Mining in a deal worth AUD $300 million. Shares in Wishbone edged up 1%.
The RNS from tech investor Asimilar (ASLR) continued the running story of investment into edtech specialist Dev Clever (DEV). Here it was announced that Asimilar’s wholly owned subsidiary, Intrinsic Capital has conditionally subscribed for 20,000,000 new shares in Dev Clever at a subscription price of 10p per share versus the present 7.35p market price. This is the second tranche of its subscription rights to invest in new shares in Dev Clever, leaving shares of Asimilar up 2% at 23p.
Shares of copper-gold specialist Galileo Resources (GLR) finally closed above 1p with a 14% rise on the day. This was something of a delayed reaction to the exploration progress update early the previous week regarding the company’s Kalahari Copper Belt. At the time Galileo said that a preliminary overview of EM results highlights several EM conductors which could lead to immediate drilling targets.
Sticking with mining and there was plenty of bulletin board discussion regarding progress at Xtract Resources (XTR) Manica project in Mozambique. This centres around the Guy Fawkes concession being advanced by a new Chinese group, with the possibility of production by the end of December 2020. Likewise December could also witness some production from the alluvial concession. In Zambia bulls of Xtract are looking to entries being made in the ore body at Eureka, while expectations are that in Australia drilling can also start soon. Xtract shares edged up 2%.
It was top markets to traders who anticipated that ahead of erstwhile metals processor Tri-Star Resources (TSTR) deciding to de-list itself, the largely Crispin Odey stock could rally. This logic was on the basis that shorter who have had a ride down from 30p of late would be looking to close their positions by buying back the stock. The result was a 45% share price rise to leave the shares at 4p.
There was renewed interest in Vela (VELA), especially given the improved sentiment towards COVID—19 plays. Traders suggested that an update is due on the Phase II treatment for diabetics with COVID-19, noting that the shares are currently still within spitting distance of the 0.06p placing price, an area currently regarded as “base camp”.
(The opinions expressed here are those of the author, a columnist for Share Talk.)
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