MOVERS OF MONDAY 8 FEBRUARY 2021
Stocks soar 5.63% to 2,035.5 pence after analysts upgraded the stock
Shares in the Scotland-based pump maker rose this afternoon after Morgan Stanley analysts upgraded the group from “equally weighted” to “overweight” after the investment bank highlighted it expected a “solid” market amid metal prices and spending industry are rising.
The upgrade raised the price target from 1,730 pence to 2,220 pence. The bank said it sees “a solid end-market setup for 2021” and that the recent 10% pullback provides an attractive entry point.
According to analysts, Weir’s recently announced sale of its oil and gas business was “an important and clear change in direction” that allowed Weir to focus on its highest quality assets dedicated to mining.
Shares were also found to have risen 48% since the sale was announced, up 16% versus the FTSE 350 Engineering Index. “It is clear that the market has rewarded this strategic step,” it said.
WEIR price table
Stocks soar 35.25% to 94p as the company was reportedly selected for additional COVID-19 testing
The London-listed company’s shares were rallied on Monday after the UK healthcare company confirmed a report published by the Financial Times highlighting that Omega was selected by the UK Ministry of Health to run additional rapid Covid-19 tests.
It has been reported that Omega Diagnostics has been selected alongside SureScreen and Global Access Diagnostics to manufacture up to 2 million lateral flow devices per day.
In a statement released today, Omega Diagnostics confirmed that the company is continuing to modify its Alva-based facility to “significantly” increase production capacity for side-flow tests, without confirming a signed contract with the UK government.
“If contracts or supply agreements are signed to use this capacity, the company will make this known in accordance with AIM’s disclosure requirements,” Omega told investors this morning.
ODX price chart
Stocks rise 29.63% to 1.75 pence after hedging multiple contracts
Shares in the cybersecurity and strategic intelligence provider have increased nearly 10% since Friday when the group announced several new contract wins and renewals.
As of November 2020, the company has added five new customers and expanded some existing contracts for Triarii, its expanded cybersecurity monitoring service.
The group said the new clients cover a number of sectors, namely charities, financial services, pharmaceuticals, defense and IT. This shows Triarii’s “universal attraction”.
The total value of all these contracts is over £ 0.7m, of which around £ 0.4m will benefit calendar year 2021, according to Falanx. The order pipeline remains strong and has similar potential revenues for both penetration testing and security monitoring.
FLX price chart
Shares rose 22.08% to 47p as Bitcoin hit a record high
Shares in the blockchain group – the technology at the heart of Bitcoin – rebounded after Tesla’s $ 1.5 billion investment in Bitcoin, which pushed prices in the cryptocurrency to new record highs, up 16% to an all-time high, according to Bloomberg data rose from $ 44,795.20.
Cryptocurrency prices were increased after Elon Musk, Tesla’s chief executive, revealed the investment and announced that he believed Bitcoin was close to widespread adoption.
In recent news, Online Blockchain recently raised £ 1m per share to fund more new projects and enhance the use of Umbria, the group’s new development project for decentralized finance, expected to take place in the first quarter of 2021.
The proceeds will also support the existing crypto and blockchain-based products and are expected to meet current working capital and development needs for the next year.
“We are very pleased that at this moment we have received further support with great interest in blockchain and DeFi (Decentralized Finance) projects,” said Clem Chambers, CEO.
OBC price chart
Shares fell 5.59% to 316p as the UK government considers adding sales tax to online retailers
The European online electronics retailer shares fell after the UK government reportedly considered an online sales tax and a separate crackdown on “excessive profits” for companies whose profits had risen as a result of the ongoing COVID-19 pandemic.
Other retailers likely to be subject to potential tax include online retailers like Amazon and Asos, grocery delivery companies like Ocado, and large supermarkets.
According to the Times, finance officials have invited tech firms and retailers to a pre-budget meeting to discuss how an online sales tax would work, according to leaked emails.
The UK retail consortium has stated that such a move would also affect physical retailers with online activities, but Tesco and other large retailers have endorsed the idea, they say.
AO has reported a “significant increase” in demand for its products in the wake of the pandemic. This is believed to have been compounded by the continued tailwind caused by new home work habits and the increased use and appreciation of everyday essential electrical products.
AO World’s Founder and Chief Executive Officer John Roberts recently stressed that one of AO’s greatest achievements over the past year has been keeping its German business profitable throughout the third quarter of 21. In fact, sales in the third quarter of 21 increased by 77.4% to € 73.6 million.
AO. Price chart