While some of the fizz for the first session of 2021 has been blown away as the week progressed, this was not the case as far as crypto miner Argo Blockchain (ARB). In a manner reminiscent of a failed Gwyneth Paltrow marriage, it was clear that the stock was “consciously uncoupling” from the underlying price of Bitcoin. This manifested itself in the digital asset consolidating in the $33,000 zone near recent all time highs, but Argo managed to end up another 18%, after trading up nearly 40% at one point. Such a parabolic move smacks of a sustained re-rate, rather than a flash in the pan.
A stock which has spent nearly as much time consolidating in low single figures in recent months is Bidstack (BIDS). The in-game advertising platform seems to finally be having a decent re-rate of its own, in the aftermath of its recent trading update. Here the company uttered the magic phrase, “it is on track to exceed market expectations in respect of revenues for the year ending 31 December 2020.” It also said that it has has experienced significantly increased demand from advertisers in the second half of 2020 and that advertising briefs are evolving from test spend to being “on plan” as the desire to reach the attractive video gaming audience grows.” This along with the stock being classed as one of the top prospects for 2021 at Sharetalk also seems to have backed the latest 21% share price rise.
Also in the frame as far as having used all the right lines in its last AGM statement, was Spanish focused resources play Ormonde Mining (ORM). Here the market clearly thought that news may be on its way sooner rather than later, after the company said on December 17 that it “will continue to keep the market appraised over the coming weeks as work continues towards concluding what the board believes will be an extremely value enhancing deal, as expeditiously and efficiently as possible. While the transaction is well advanced, there still can be no certainty that a deal will be concluded.” Despite this regulator inspired caution, the shares shot up 26%.
Empire Metals (EEE) added another 5% as the market continues to digest last month’s drilling results and a placing to purchase of its flagship Eclipse project. The shares looked to be squeezing higher as investors looked forward to Ministerial Consent after the FIRB approval, something which is assumed to be landing within a matter of days.
There were new highs again for off the radar investment group Riverfort Global Opportunities (RGO) as the recent doubling in value of its 20% plus stake in tech investor Pires (PIRI), its first interim dividend of 7.5%, and a £3m war chest all meant the stock closed above 1p. This means the shares are edging closer to the NAV of 1.3p.
One of the more useful stock market cliches is that “it is better to travel than arrive.” This point has certainly been underlined as far as the share price of Remote Monitored Systems (RMS) where the now legendary Pharm2farm subsidiary’s anti-viral mask machine is apprently being tracked as eagerly as Santa’s Sleigh was recently on Google by shareholders. This might explain a two day rise in RMS shares of some 40%, with the hope among them being that it will be even better to arrive than to travel, and get the mask into production.
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