Part of the raison d’etre of #StockMarketWatch is to fill in the gaps left by the mainstream media.
It was a case of one and one equalling more than 2p for Univision (UVEL), in fact, 4.1p to be precise. Indeed, some traders were not only wondering how they managed to “bag” their punting in the stock on the news so quickly, but also how the shares allowed them an entry point at all. Even on the close of 2.35p, the differential between this level and the Sino Cloud deal price does perhaps allow for some decent speculative shenanigans between now and when the sale of 52.4% of the company by Chairman Stephen Koo completes in the three months time. Shares of Univision soared 145%.
Crypto miner Argo Blockchain (ARB) was back in focus with a 4% share price rise, as it presented its February operational update. Argo mined 129 Bitcoin, taking the total amount of BTC mined year-to-date to 222 BTC. Mining revenue in February amounted to £4.34 million (January 2021: £2.48 million). Argo generated this income at an average monthly mining margin of approximately 81% for the month of February (January 2021: 71%). Perhaps with these impressive figures in mind, CEO Peter Wall announced that from the 1st of March, Argo will pay his salary in Bitcoin.
A stock which has repeatedly had stones thrown at it, but has apparently had more lives than a cat, is Iconic Labs (ICON). Here the shares recovered 49%, with the driver being that the board was being beefed up. For the benefit of the bears, the changes to the board at the multidivisional new media and technology business were: Brendan O’ Mahony, David Stybr, and Willem van de Meer joining the board as a Non-Executive Directors. The company said the trio bring a wealth of experience across a variety of different sectors, especially in terms of identifying value accretive opportunities for the Company and its shareholders.
Also beefing up the board was mining development group Oracle Power (ORCP) where the focus has been widened from its coal project in Pakistan, to new Gold assets in Western Australia. The new non executive director David Hutchins has 30 years in the mining industry, with part of the reason behind the appointment being that he can not only advance existing projects, but also assist with expanding Oracle’s portfolio. Shares of Oracle Power were up 4%.
A stock which continues to divide some in the market is Russia focused Palladium play Eurasia Mining (EUA). So far, in what feels like one of the longest sale processes in history, the shares have held up near the upper reaches of the one year range. However, traders were pointing to a story that Blackrock have closed their short in the stock / gone long. This is something which may mean no more than a simple trading re-alignment, or if you are one of the Eurasia Mining barmy army, that the sale process is reaching some kind of denouement. The stock price closed at 27.3p.
Another stock with a solid army of followers of late has been Remote Monitored Systems (RMS). Here the shares have nearly doubled off recent intraday lows, as peace has broken out in the boardroom, and silence seems to have been golden on the investor relations front. RMS shares were up 15%, with investors pointing to either a new era at the company in terms of management control, and / or looking to the prospect of an announcement regarding progress / orders at the anti-viral face mask group.
Recent months have seen Wishbone Gold (WSBN) surprise the stock market in a pleasant way, something which the multi bag rise in the share price is testimony to. The latest was an announcement regarding the acquisition of the Cottesloe Project, more than doubling its tenement size in the Patersons Range region of Western Australia. Wishbone said it sees the potential for Cottesloe to host both precious metals and base metals as very high, and said it is well placed to move quickly on the due diligence process on Cottesloe, having recently completed the acquisition of our three other tenements in the same area. Shares of Wishbone rose 9%.
Shell situation Ridgecrest (RDGC) remained in focus with the more professional investors – who like following the money. Here the stock remained on the right side of 2p as it was revealed that tech investor John Mahtani has raised his stake from 5% to 6%. Having been involved in the recent run up at Pires (PIRI), his present on the shareholder register at Ridgecrest continues to be regarded positively.
(The opinions expressed here are those of the author, a columnist for Share Talk.)
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