Although it may officially be the Year of the Rat, according to the Chinese calendar, for the London stock market it has certainly been the Year of the Shell. This may be part of the reason that shares of Geiger Counter (GCS) with a market cap of less than £250,000 and a spread of 76% managed to sport a gain of 44% on the day. Traders complained that the stock expires at the end of November – something which seemed a valid observation.
The week continued with some of the best risers of the recent days managing to squeeze the last toothpaste out of the tube, with Metals Exploration (MTL) being a case in point. It rose yet another 71%, in the wake of the company announcing the completion of proposed restructuring at the natural resources company. Clearly, this was something that the market gave the thumbs up to given the rise from 0.85p low on the day of the news to a 3.1p close on the trading session that followed.
Speaking of continuing rallies, as far as Remote Monitored Systems (RMS) was concerned, we were treated to a 33% rise to 2.2p, but this paled into insignificance as compared to an intraday peak of 4.7p. Shares in the company came off their intraday peak off the back of a “speeding ticket” RNS in which it said that was not aware of any reason for the share price rise, something which made it strictly in a minority as far as observers of the London stock market were concerned. The victory for the bulls was that the stock remained significantly up on the day, despite the imposed share price cooling measure.
There was a somewhat delayed reaction to the announcement at the end of last week at InnovaDerma (IDP) and a sharp rebound from the intraday low of October at 41p. Indeed, the stock bounced 15.5p to 70p, as investors digested the news of a requisition notice, and the move to adjourn the forthcoming AGM from November 11 to the second half of next month to accommodate the requisition notice within a new General Meeting. This along with the reassurance that the search for a new CEO is progressing well, could be regarded as part of the explanation for the latest share price rise.
i3 Energy (I3E) kept investors on their toes as they bet on the result of the now pivotal Toscana RTO vote and then the General Meeting of the company itself on October 29. The bull argument in the stock and the explanation for the latest 17% share price rise was that if these two hurdles are overcome successfully by the end of the week, shares of i3 Energy could be underpinned by both significant production and the recent £30m cash raise at 5p, the same level as the day’s close after the latest rally.
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