Part of the raison d’etre of #StockMarketWatch is to fill in the gaps left by the mainstream media.
IQ-AI (IQAI) was in focus in the wake of a 13% shares price rise late in the session, as the liver nodule software group returned to favour. This may be in the wake of CEO Trevor Brown recently having made millions for Braveheart (BRH) via share sales at Remote Monitored Systems (RMS), with some wondering what his next move may be? Clearly, if traders are buying into the stock they are taking a view that either positive newsflow is set to drop soon for IQ-AI, or that the stock market’s favourite Christmas Pantomime villain will remain a loyal shareholder for the time being.
Contango Holdings (CGO) was perhaps an example of how the stock market does not like surprises, even if they are pleasant. After an initial sharp rally, shares of the natural resources play pulled back. This was even though multi-million-ounce resource potential indicated at Contango’s Garalo Gold Project in Mali, a boost of 460% from the previous initial estimate when the asset was bought at the end of October. It appeared that traders initially took the view that the size of the resource could mean an additional cash call might be required. However, CEO Carl Esprey indicated that this would not be the case and the project could be developed within current resources.
There was something of a media blitz for pharma services group Open Orphan (ORPH) as the company appeared both on Sky News and in an article in The Times on the same day. On both media outlets the story was that the Codagenix intranasal COVID-19 vaccine Phase I study has received regulatory approval to start at Open Orphan’s Whitechapel facility in the New Year. The kicker with regard to this vaccine is the possibility it can confer immunity for an extended period.
Shares of mining project developer Oracle Power (ORCP) rose 9%, as they felt the continued benefit of Pakistan PM Imran Khan’s positive comments regarding the use of coal in a clean fashion over the weekend, something which gave a decent read across to Oracle’s Thar Block VI coal project. This was underlined in an interview with Oracle Power’s CEO Naheed Memon, who also highlighted how the Pakistan Government’s timelines are in alignment with that of Oracle’s in terms of the Thar Project.
Tiger Resource (TIR) saw its shares roar to the top of the stock market leaderboard, with a 54% rise. The trigger for the move was a board appointment in which Michael Borelli, non-executive Chairman at Greatland Gold (GGP). Given the way that Greatland Gold has been one of the stock market’s successes of the year and has a £1bn market cap, and Tiger is less than £1m, this appoint was taken as quite a coup by stock market observers.
There was a taste of TR1 heaven for shareholders of SPAC (special purpose acquisition vehicle) Mustang Energy (MUST) with a new entrant at 3% coming in the form of Kevin Hornsby. Given the way that SPACs have certainly become the new rock and roll Stateside, it will be interesting to see whether these vehicles have the same kind of success on the London market. This is especially the case given that SPACs have been referred to as “blank check” companies. At least the latest moves added 23% to the share price of Mustang, albeit with a market cap of just £1.5m currently.
(The opinions expressed here are those of the author, a columnist for Share Talk.)
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