Stock Market Watch: IQAI, WSBN, GGP, PRIM, COBR, EEE, RGO & INX

Part of the brief of Stock Market Watch is to anticipate tomorrow’s winning stocks today.

By @ZaksTradersCafe

Shares of IQ-AI (IQAI) more than doubled with a near 150% rise, both blowing the technical lights out and the fundamental doors off simultaneous. The news that investors cheered was that the US Food and Drug Administration had granted market clearance for the Liver Surface Nodularity (LSN) software application. Now this has been won, IQ-AI’s subsidiary, Imaging Biometrics, can begin to actively market and sell LSN in the USA.

There was good cheer to be had in the wake of Wishbone Gold’s (WSBN) latest announcement as the share rose over 50%, with some in the market talking of the sub £3m market cap mining company as being the next Greatland Gold (GGP). This was off the back of Wishbone reporting it had identified four magnetic targets of considerable size covering 2.4km by 400m on its Patersons Range Project in the Havieron and Telfer region of Western Australia. Further positives is that the targets are on a larger area and much shallower than the Havieron discovery, with the top of the magnetic targets ranging from 150m to 250m below surface. Wishbone said is now moving to close the Patersons Range Project tenements acquisition announced early last month.

Speaking of Greatland Gold (GGP), it was mentioned in dispatches by Primorus Investments (PRIM). The company said it had completed the sale of its remaining holding in Greatland Gold. Primorus sold 20,000,000 shares at 23.09p to net approximately £4,600,000. The victory run was underlined by Primorus reminding the market that it made an investment of £630,000 in Greatland in late 2018 and early 2019.

In a busy day for mining minnows we saw Cobra Resources (COBR) stretch 16% higher. This came as investors anticipated the prospect of fresh drilling news in the next week or two, but with the actual announcement that Managing Director Craig Moulton will be issued with 2,000,000 shares upon the successful completion of stage 1 of the Wudinna Gold Project. The stage 1 work programme is expected to complete imminently, with Cobra then having its initial 50% stake in the project.

Fellow miner Empire Metals (EEE) seemed to be getting some positive read across from the “Wishbone Effect”, with the stock being up 25% after a slow start. Here traders were not only suggesting that a recent seller in the stock was out, but perhaps more importantly, that there may be further Eclipse project data imminent.

Shares of investment and funding group Riverfort Global (RGO) responded with an 11% rise to the announcement the previous day regarding the declaration of a 7.5% gross yield for the financial year ending 31 December 2020. The fundamental prompt here was the company’s third consecutive set of full year / interim results. The latest net profit was £569,165, as Riverfort said it was looking forward to welcoming new income seeking investors.

I-nexus Global (INX) was on the front foot, with the shares posting a 11% rise. For the developer and provider of strategy execution software, this gain came a few weeks after the recent issue of a £1.325m fixed rate unsecured convertible redeemable loan notes. I-nexus said this was to implement the company’s growth plan and provide working capital.

(The opinions expressed here are those of the author, a columnist for Share Talk.)

Source is a purely journalistic website – Zak Mir is a member of the National Union of Journalists. There is no intention here of providing financial advice. It is recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written here.

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