It can be said quite correctly, that the stock market tends to hype things up, only for there to be disappointment subsequently. However, in the case of the first day of dealings for Kanabo Group (KNB), if anything the build up was nothing as compared to the blow the lights out performance of the shares. The stock closed at 18.5p, nearly three times the float price. The message was that this perfectly timed IPO, with arguably the media coverage working well to underline the company having the only medically approved vaporisation device. Kanabo’s VapedPod provides metered dosages of its proprietary cannabis based oil formulations.
One of the characteristics of the present stock market boom, is the ongoing allegiance by private investors to the COVID-19 plays, the vaccine moves notwithstanding. At least as far as Omega Diagnostics (ODX) it would appear that the company is still well on track in terms of its fundamental attractions in the testing space. This point was underlined by the way the UK Rapid Test Consortium, of which Omega is a partner, reviewed performance data on rapid antibody tests including the AbC-19TM Rapid Test. The study showed that the AbC-19TM is highly accurate when tested on samples from individuals previously positive for the virus by PCR and from samples collected pre-pandemic. All devices tested had accuracy of above 92% with the AbC-19 TM Rapid Test showing the highest accuracy at 97.3%. Off the back of this news shares of Omega jumped 16%.
Sticking with the biotech space and another favourite stock, Avacta (AVCT) was also delivering key news. The developer of AffimerR biotherapeutics and reagents, said that it has received the first data for its SARS-CoV-2 rapid antigen test from clinical studies in Europe and the UK. The results so far have been classed as excellent in terms of identifying patients with an infectious viral load and no false positive results. Avacta shares rose 13%.
Of course, the day did not have just one stock market newcomer. Cornish Metals (CUSN) was a highlight, if only on the basis that the company was listing on AIM in the middle of a massive surge in the Tin price, and indeed, many industrial metals. Flying the flag with gusto, Richard Williams, CEO of Cornish Metals said that one of the goals of the company is to work towards becoming a domestic supplier of technology metals fundamental to a green economy.
Also new to the market on the Aquis Exchange in terms of its direction was the company formerly known as PGC Entertainment. It could also be that with the stock market’s new love for all things crypto and blockchain, Upper Thames Holdings (UPPT) may gain the type of traction seen not only for Argo Blockchain (ARB), Online Blockchain (OBC) and Mode Global (MODE), but also fellow Aquis listed KR1 (KR1), a digital asset investment play which has made a mockery of those who insist companies cannot flourish on this alternative stock exchange. With £516,000 raised at a 53% premium to the previous closing price, it would appear that Upper Thames has already attracted investor interest in terms of its plans to link mainstream currency products denominated in fiat currencies such as USD and GBP to cryptocurrencies. The goal here would be to achieve the best of the old and the new in terms of the combining of asset classes.
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