Stock Market Watch: #AA. #AMGO #DEV #DKE #NCYT #VDTK

This post was written by Zak Mir, a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator

Shares of clean technology group Verditek (VDTK) bounced back 19%, as some investors took the view that the fall in the stock from 18p plus in the summer down to 8p has been overdone after the company was attacked by bears. With low cash burn, warrants money in the bank, last week’s first commercial Australian mining sector order, and the prospect of follow on orders from the same source. Buyers also took the view that an update on the Paragraf graphene joint development agreement could also be a positive driver over the near term.

Edtech specialist Dev Clever (DEV) saw its shares recover most of their earlier weakness to close near flat in the wake of Prime Minister Boris Johnson’s speech regarding free college courses for adults to find work in the post pandemic environment. Traders saw the tie in with Dev’s launchyourcareer.com platform, and its overall VR and remote learning functionality.

Recurring income group Dukemount (DKE) also saw its stock influenced by the Prime Minister’s tinkering with the education sector, with the stock up 8%, in anticipation of more Government funding of the university sector. In particular, the promise to spend £1.5bn captured the imagination of investors.

Shares of diagnostics group Novacyt (NCYT) not only gave the bears yet another slap in the face, but also defied the usual stock market adage that it is better to travel than arrive – rising another 13%. This came in the wake of the company’s COVID-19 antibody test, just at the time when the Government’s response to the pandemic appears to be in more of a shambles than ever. The company also announced a second major contract with the DHSC.

Shares of vehicle rescue specialist AA (AA.) were extending the saga of their own potential rescue a little longer, with the talks with private equity groups now set to go on until October 27. In the meantime the debt laden group reiterated its full year guidance, with the stock slipping to 28.6p, down 0.8p.

Lender Amigo Loans (AMGO) extended the saga of the latest twist to its business model – boardroom bust ups ahead of the vote on who will run the company. The result was a narrow loss for the founder James Benamor, with his second attempt to rejoin the board resulting in a 57% vote against him. The stock was down 1.64p to 10.32p, although it had been much lower during the day, falling to 8.5p at worst. As far as the business itself is concerned, investors took heart with respect to the company’s cash position, and customer re-payments.

The newly re-named Dekel Agri-Vision (DKL) pleased the market – and no doubt itself – by swinging to a modest €400,000 profit at the half way stage. It was boosted by higher palm oil prices, and was looking forward to its cashew processing project coming on tap in Q2 2021, with the company withstanding issues surrounding the COVID-19 environment. Shares of Dekel rose 14% to 2.8p.

Disclaimer
Zakmir.com 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.

Zak Mir

Zak Mir

About Me

Zak Mir is a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator. Zak presents the daily Bulletin Board Heroes which can be seen here at Share Talk

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