While it may not feel that the UK stock market is yet in full bloom, the giveaway as the week has progressed is the way that after three months of attempting to get through 6,800, now the FTSE 100 is holding well above this level. It could very well be that all the new ISA money flooding in is and will continue to support the UK stock market.
It may be said that Remote Monitored Systems (RMS) has been in something of a consolidation mode since the autumn, both in terms of the share price of the owner of anti-viral face mask Pharm2Farm, and the fundamentals. The last official news from RMS was in early March with the announcements including an order for 1.0 million of P2F’s masks placed with Volz with outsourcing manufacturing discussions in progress and a distribution agreement to make masks available in UK & Europe via Amazon. Arguably, the latest development: Pharm2Farm’s antiviral Type IIR face mask, Pro-Larva, has been approved by UK’s Medicines and Healthcare products Regulatory Agency as a Class 1 Medical device – was just as, if not more significant for obvious reasons. It resulted in a 32% rise for RMS shares, but ironically, the news was delivered not by a RNS. Instead, there was a Tweet by Pro-Larva. It would be interesting to speculate on whether shares of RMS would have risen more (or less) in a parallel universe where a RNS had been issued? In fact, with no RNS to date, the appearance or not of a “speeding ticket” RNS could be the parlour game for stock market trainspotters to play next.
From a company which remains a bulletin board hero, to one which is certainly a stock market darling: Argo Blockchain (ARB). The crypto miner said that it was pleased it has generated record mining revenue and profits for the third month in a row, and its best performing quarter. Perhaps just as significant is the revelation that the income has been generated at an average mining margin of approximately 80% for Q1 2021 and will soon be powered by solely clean energy. ARB shares were up 2%.
Another company on the front foot was MGC Pharmaceuticals (MXC), the bio-pharma company specialising in the production and development of phytocannabinoid-derived medicines. Its shares rose 5% after completing delivery of the first bulk order in March of ArtemiCTM Rescue to Swiss PharmaCan AG, amounting to around €275,000 in wholesale production revenue to MGC Pharma. Upon the completion of the order, the company said it had successfully delivered a record quarter of sales revenues from its proprietary phytomedicine product line. Having risen from 2p to 9p in February, shares of MXC are attempting to regroup, as perhaps are some of those who were assuming the Greater Fool Theory would keep on working a couple of months back.
FastForward Innovations (FFWD), which makes investments in fast growing and industry leading businesses, said that, further to the announcement of 10 March 2021, the sale of its investee company, EMMAC Life Sciences to Curaleaf Holdings has successfully been completed for £5,036,459 in cash. Shares of FFWD celebrated with a 5% jump.
There was some positive head scratching for traders of Empire Metals (EEE), as traders attempted to work out the reasons behind a chunky 14% share price rise. Suggestions included overdue news regarding “seller out” and / or news regarding assays, JORC, potential mining, and of course, possible Georgia asset sale news. Otherwise, the explanation could just have been down to the stock having fallen from 5.5p in November down to under 2.5p earlier in the week. Last month the company confirmed that the next phase of works at its flagship Eclipse Gold Project had begun.
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