Stock Market Watch: #ARB #ASLR #BZT #CZN #DEV #GLR #GUN #JLP #INCE #ORPH

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

Shares of Argo Blockchain (ARB) understandably started to respond to the latest surge in Bitcoin towards $15,000, as the crypto miner rose 14%. This coincided with the company saying it has expanded its mining capacity, as well as improving margins via lower hosting costs and generating additions revenue streams.

Bezant Resources (BZT) was 30% to the good, on further consideration of the company’s announcement earlier this week regarding it extending the longstop date in terms of the listing of its Mankayan copper-gold project. The project’s listing, of which Bezant currently has an 80% stake, has been extended to November 15. The payoff for Bezant is that once Mankayan is listed, Bezant will receive shares worth £5.6m, and still have 20% the project. Given that Bezant’s market cap is still short of £10m the deal is clearly significant.

Another company looking at a significant fundamental uplift was Jubilee Metals (JLP), as it expanded its copper tailings rights in Zambia by 115m tonnes, nearly double the present amount. The likely total figure for Jubilee could extend to as much as 270m tonnes. To put this resource into perspective and longevity, the company’s goal is to produce 25,000 tonnes of copper a year. Jubilee shares rose 8%.

Mining sector investor Gunsynd (GUN) saw its shares jump 17%, as it updated the market on a further A$100,000 investment in Rincon Resources via a convertible loan. This was seen as significant as Rincon is in the run up to an IPO on the ASX, with the current expected date for quotation seen as being 10 December. Gunsynd’s investment was part of an overall A$400,000 pre-IPO raise.

Continuing the mining sector theme, and the share price gains, it was the turn of Galileo Resources (GLR) to bounce back 21%. Here traders were citing the latest 100% premium options issued to management, extensive copper licenses, and awaited survey news as the key drivers for the bulls.

Another week, another contract for pharma services group Open Orphan (ORPH). The latest announcement centred on the signing of a new £2.5m influenza challenge study contract with a leading USA based biotechnology company. Open Orphan said that the deal builds on its recent challenge study wins in RSV and COVID-19, and is well placed to capitalise on the current growth in vaccine development.

Share of tech investor Asimilar (ASLR) bounced 13%, the third bounce off 20p in the recent past, with some traders suggesting that a recent seller had been cleared. It may also be that the stock is in focus given that Asimilar is in the run up to November 30, the date by which it has the right to subscribe to 20m shares in Dev Clever (DEV), of a total of 80m shares by the end of June. Earlier this week Asimilar said it was in regular discussions regarding a €3m loan to Sentiance due to be repaid by the end of February.

Curzon Energy (CZN) rose 72%, and had some traders scratching their heads as to the cause of the share price rise. This was despite the RTO candidate and minnow stating on Monday that the transaction exclusivity period with Sun Seven Stars Investment Group had expired, although intriguingly, possible extension could be on the cards.

There was some bargain hunting interest in listed law firm Ince Group (INCE), with the stock reviving 5%. This was off the back of traders suggesting that despite COVID-19 disruption, revenue growth and cash generation mean that the present market cap of £13m is too low versus the latest operating profits stated as £26.2m.

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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