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Stock Market Watch: #GGP #7DIG #EUA #ECR #DMTR #ZOE

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

Greatland Gold (GGP) became the toast of traders after strong share price performance this week. Driving the stock higher was speculation of a 3% buy order in the market, with the key to the whole affair being who the mystery purchaser is. The hope was that it would be one of the big mining sector players such as Newcrest. This delivered a 12.5% share price rise to leave Greatland at yet another all time high of 27p. Feeling the benefit of the rising tide amongst Australian miners, Gunsynd (GUN) was 9%, adding to recent gains.

CBD specialist Zoetic (ZOE) saw its share price bounce back strongly to end the week with a 19% rise, helped by recent news regarding the signing of a second international distribution agreement. The stock was also in demand ahead of a trading update due at the end of this month, and on hopes regarding the launch of its Chilli brand products in the US by the end of this year.

Shares of Russian Palladium specialist Eurasia Mining (EUA) edged up 5% as the company announced board changes designed to take it through to the next phase of its development. Dmitry Suschov, who has been something of a Moses figure in terms of taking the mining company to the M&A stage and being a £500m plus market cap group, stepped off the board to become Chief M&A officer, while James Nieuwenhuys is the new CEO.

Shares of COVID-19 testing group Genedrive (GDR) continued to be the best of a very strong bunch of companies in the space, boosted by the Government’s farcical testing strategy, and quite wide evidence of a second wave to the pandemic in the recent past. The stock was up another 11%, ahead of its contemporaries on the basis that its tests do not require being sent to a laboratory.

7Digital (7DIG) saw its share price bounce back 18%, as the B2B music solutions group continued to feel the benefit of TikTok and WeChat’s woes in the US. This follows news that both apps are going to be banned for download Stateside. 7Digital’s shares surged last month after it announced the renewal of its contract with TikTok rival Triller last month.

Beowulf Mining (BEM) made a relatively rare foray into the limelight, with a 13% share price rise, as the mining exploration and development company continued to enjoy the prospects for its Kallk North deposit. This came after testwork announced the previous session regarding market leading potential for the asset, given the exceptionally high-grade magnetite concentrate that had been discovered.

ECR Minerals (ECR) rose another 9%, after this week’s business operations update. This highlighted numerous gold prospects in Bailieston and Crestwick, as well as the acquisition of a diamond drilling rig due for delivery next month. In addition, there was speculation on social media of a fresh license about to be awarded to a subsidiary company of ECR, and that this could be announced as soon as the beginning of next week.

Shares of DeepMatter (DMTR) were up 7% in the wake of the company’s interim results the previous week. DeepMatter, which specialises in digitising chemistry announced at the time that it was continuing to enter into agreements with top ten pharma, and speculation regarding future deals continued to support the stock.

Disclaimer 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

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