Observers of United Oil & Gas (UOG) will have noted that it has been the best part of a month since its acquired production of Rockhopper’s Egyptian asset portfolio, and all of its Jamaica asset.
Apparently, it taken this long for the penny to drop regarding this breakthrough, and the share price to rise. The close above 3.5p breaks a key chart level, something which perhaps even fundamental fans of the company will appreciate. The shares were up 6%.
The rising price of iron ore backed those mining groups focused in this area, with the obvious beneficiary being Zanaga Iron Ore (ZIOC), up nearly 10%. Also, on the front foot, with a 4% gain was Amur Minerals (AMC), who although focused on the massive Kun Manie nickel sulphide asset in Russia, have recently bought into the Roper Bar project, to help bankroll Kun Manie. The company confirmed that the mastermind behind Roper Ban, Adam Habib, was to be its president and executive board member as of September 1.
ECR Minerals (ECR) bounced back 8%, after last week’s dip, as investors anticipated both Creswick joint venture news, as well as looking forward to the commencement of drilling at Bailieston. But it may be the case that with alleged “numerous interested parties” in a JV, this could be the main driver for the stock over the near term – with or without Covid-19 restrictions.
Consumer sleep wellness group Eve Sleep (EVE) continued its post late July recovery, as investors pointed to reduced losses, being cash flow positive and with net cash of over £9m as of the end of June. The share price rise of 22% coincided with the announcement that Octopus stands at 13.79 on the shareholder register.
Children’s retailer Mothercare (MTC) appeared to be attempting to prove that as far as the stock market is concerned, we are still in the silly summer season. This is in addition to the notion that while in a bear market you should buy value, in a bull market such as now, the more delicate the fundamentals, the better. The 47% rise for the shares consisted of a heady mix of a potential takeover, and anticipation of both a new CEO, and the start of its products being available in Boots from next month.
In what long standing and perhaps long suffering bulls of Africa focused energy group might appreciated, Kibo Energy (KIBO) looked to be pulling a decent rabbit out of a hat in terms of extracting shareholder value. The move to float its Sloane Developments subsidiary on the standard list of the LSE could finally be regarded as a clever strategic move, something inked inked to happen by the end of this year. The intention is that the new Mast Energy Developments will be focused on small scale power generation in the UK.
It seemed that even though recent days have witnessed a stellar rise for 4d Pharma (DDDD), the bulls still had some positive momentum. The shares put on 6%, as the re-rate following the better than expected results with respect to kidney cancer tumour shrinkage.
Shares of Xtract Resources (XTR) were up another 9%, to their highest close in over 2 years, as the market continued to give the thumbs up to the additional Manica, Mozambique gold mining agreement, announced on August 25th.
Lifestyle brands group Ted Baker (TED) continued to defy the expectations of those concerned both regarding the state of the High Street, and discretionary retailing, with a 12% share price rise. Given the chunk holding that Toscafund already has in the group, it was not too much to assume that this may have been ratcheted up, or of course the motive for the purchase may soon become clear.
Braveheart (BRH) was a late riser up 13%, on talk amongst traders of an imminent RNS regarding a fabled 5 minute Covid-19 test, while new would be face mask produced Remote Monitor Systems (RMS), was up a similar amount as the stock looked to have completed its post Pharm2Farm consolidation below 0.40p.
(The opinions expressed here are those of the author, a columnist for Share Talk.)
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