Stock Market Watch: #AMGO #FAR #ICON #JAY #JLP #MDZ #NTOG

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

Texas focused oil & gas exploration company Nostra Terra (NTOG) managed to surge 21%, resuming its recent rally, off the back of news that the Cypress farm-out at the Pine Mills project has spudded. Nostra Terra said that the result of this well could have a significant impact in terms of both cashflow and an increase in reserves.

Mediazest (MDZ) was in focus as traders regarded it as the last microcap situation set to re-rate. Part of the rationale here for the audio visual solutions group being likely to rally was the observation that the current market cap even after the latest 21% share price rise to £600,000, is still less than the typical stock market listing costs.

Although shares of loan guarantor Amigo (AMGO) have had friends, if not ardent support, all the way down from recent peaks in August of 20.70p. Now at 8.13p and up 16%, the Amigo Army is still banging the drum as we are now in the run up to half year results due on November 26. For now though, fans of the stock had to go with the announcement Mike Corcoran will join the Board as Chief Financial Officer (CFO) elect (apparently akin to being the next US President) after allowing for an appropriate handover period with his predecessor, at the end of November.

It could be argued that patience has been a virtue as far as shareholders of Bluejay Mining (JAY), not only in waiting for the stock to re-rate back to a 12p plus peak after a March floor at 3p, but also a big hitting RNS. This came in the form of the exploration and development company with projects in Greenland and Finland, announcing that it has entered into an Option to Joint Venture Agreement with Rio Tinto Mining and Exploration Limited on its Enonkoski nickel project where Rio Tinto may acquire up to a 75% interest in Enonkosk. Shares of Bluejay closed up 5%.

Shares of fast growing metals processing group Jubilee Metals (JLP) managed to equal their all time intraday high seen in 2017, hitting 7.50p to close at 7.40p, with a 6% share price rise. Highlights of the audited results for the year to the end of June 2020 included earnings growth of 162%, and earnings per share up 96%. CEO Leon Coetzer said that the company has now shifted its focus from rapid growth to sustained performance.

It is normally the case that when a significant shareholder sells out of a stock, the TR1 acts as a downer on the share price. However, traders observed the way that “debt seller” is now under 3% on the shareholder list of Iconic Labs (ICON), with the hope that the shares will now finally be able to fairly price in the Joe Media takeover, and that we are in the run up to Iconic Labs being able to announce a return to profitability, something which was flagged at the end of the summer. Shares in the new media group rose 11%.

There appeared to be a return to form for shares of Ferro-Alloy Resources (FAR), as traders deduced that a recent seller was out of the stock. Indeed, the stock was up 7% at 9.65p, as compared to a recent ambitious broker target price of £1.71, and bulls looking forward to possible annual revenues of £200m plus at the vanadium specialist. A RNS at the end of last month from Ferro-Alloy confirming it is in discussions with potential off-takers and expects to sign a long term contract shortly also helped sentiment.

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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