Argo Blockchain shares spike on social media rumours

(LON:ARGO) shares started rising sharply and are up 17% to 102.3p in late afternoon trading.

The cryptocurrency miner, which said earlier this month that it is exploring a potential secondary listing on the Nasdaq market, started the day at their lowest level since January, but have perked up strongly despite no concrete news. 

On social media, there was only speculation and rumour, including one seemingly unsubstantiated rumour that Tesla has bought a stake in Argo, while elsewhere in the social ether technical analysts spied encouraging signals.  

The latest mining figures from Argo for June revealed it had mined 167 Bitcoin and Bitcoin Equivalent (BTC) compared to 166 BTC in May, taking the total BTC mined in the year-to-date to 883.

3pm: Cine squeeze

Shares in  () have surged in an echo of the US Wall Street Bets phenomenon that has seen rival cinema group AMC Entertainment become a ‘meme stock’ beloved of YOLO traders.

Cineworld is the UK’s most shorted share, meaning that when investors jumped into the stock it squeezed short-sellers and resulted in outsized gains.

Earlier the shares spiked 17% higher, following a torrid week for the company that saw its price drop 26.6% between Monday’s open and Thursday’s close, with around 7.5% of its shares held in short positions.

Two weeks ago, analysts at Berenberg said the shares are “almost certainly the wrong price” but felt there are still “too many unknowns” about the outlook for the company to be sure where it will head next.

10.21am: Eve Sleep falls out of bed

Eve Sleep PLC () investors got out of the wrong side of bed this morning, sending shares in the mattress and ‘sleep wellness’ company rolling over and down 19% to 3.7p after a positive trading update.

The AIM-listed company reported revenues up 13% to £13.9mln for the first half of the year, compared to 6% growth last year, and said, “the business has seen no signs of a return to pre pandemic shopping behavior, suggesting the online momentum continues”.

Boss Cheryl Calverley said the results were in line with internal expectations and while the balance across sales channels has “shifted somewhat … the overall business is in good health” and investment in the new market of France has been “very encouraging”.

Looking at the share price, it seems there were high expectations leading up to this announcement, and the shares have been hit with profit-taking and have now returned to roughly where they were a month ago.

8.48am: Luceco and Pantheon Resources shine brightest 

() shares have shone brighter in early trading, up 8% to 413p, after the LED lighting maker upgraded its guidance for the full year.

A first-half trading update revealed continued strong demand from residential customers amid continuing high levels of home improvement activity seen during the pandemic, plus “confidence returning” from commercial and institutional customers.

The main market listed company reported stronger than expected market share gains.

Management now expects revenue of at least £220mln for 2021 and adjusted operating profit of at least £39mln, around 30% above last year and double the year before.

Rising even higher in early trades was (), with its shares jumping 12% to 58.4p after it projected a 50%-plus upgrade in the resource at one of the sections on its Talitha project in Alaska.

The company’s own analysis of a geological formation called a shelf-margin deltaic (SMD), or shelf-edge delta, led to a new estimate of 2.6bn barrels of oil in place and a mean recoverable contingent resource (P50) of 404mln barrels.

This estimate refers to one of three components of the SMD interval at Talitha. SMD-B.

Previous management estimates across all three SMD intervals was 1.8bn barrels oil in place and a 483mln barrel P50 recoverable resource.