Stocks that may or may not make the grade in the papers
Shares of inventory monetisation specialist Supply@Me Capital (SYME) ended a recent poor run of form, with a 17% gain.
This came off the back of some bulletin board speculation that the company could somehow be involved in the Rolls Royce (RR.) cash call – due to be announced on October 1. More rationally perhaps, the rise in the stock came the day after the company’s business operations update earlier this week, which promised 142 clients by the end of September on its platform.
It was a good day for investors chasing stocks associated with the pandemic. A couple in particular were in focus, with Genedrive (GDR) initially seeing a spike in its share price off news that it has received approval for its Genedrive 96 SARS CoV-2 kit in South Africa. The result was a rise of 5p in the stock to 109p, after 118p.
Cancer therapy group Avacta (AVCT) was also in on the COVID-19 story, with its announcement of a test in association with its US partner Adeptrix. The edge the that this test is that it uses mass spectrometry to deliver a quick result. The shares were up 12.5% as investors look forward to the royalties that Avacta will be receiving.
Orosur Mining (OMI) remained high on the stock market leaderboard with a 86% gain. The impetus for the shares to soar was a Colombia update and in particular the company’s Anza project. Here it was announced that Agnico Eagle is to join Newmont in an exploration effort, with preparations for fieldwork already underway. Orosur said it was delighted that two of the world’s top 10 gold miners are now investing in its project.
There was also knock the ball out of the park good news from Xtract Resources (XTR) as it announced a £1m fund raise, at ostensibly very favourable terms. The facility can be drawn in stages, or not at all, and is not only unsecured, but also free of interest. The company stated that the nature of the financing meant that dilution to shareholders would be minimal. However, the share price remained down – some 11%, as the stock did not have time to readjust after recent persistent bear attacks on the company, and in the run up to funding news.
I-nexus Global (INXS) was back on form, with shares of the software solutions group up nearly 30%. Earlier in September the company had highlighted the way that as a result of cash conservation measures it was breakeven on a monthly P/L basis. The board also announced its intentions to seek new funding options, but could return to a positive cash balance situation by February.
After updating the market the previous day regarding its interim results, waste plastic to hydrogen specialist Powerhouse Energy (PHE) showed it remains keen to beef up its board. The arrival of Kirsty Gogan, a climate and energy policy expert to Governments and beyond, means that alongside Chairman Tim Yeo, the company now has blue chip management to get its green energy agenda moved forward.
(The opinions expressed here are those of the author, a columnist for Share Talk.)
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