The Weir Group (WEIR) shares rise 5.63% to 2,035.5p after analysts upgrade stock
Shares in the Scotland-based pump maker rose this afternoon after analysts at Morgan Stanley upgraded the Group from ‘equal weight’ to ‘overweight’ after the investment bank highlighted that it expects a “solid” market as metal prices and industry spending surges.
The upgrade hiked the price target to 2,220p from 1,730p. The bank said it sees a "solid end market setup for 2021" and that the recent 10% pullback provides an attractive entry point.
Analysts said Weir's recently announced oil and gas division sale was ‘an important and clear change in direction’, allowing it to focus on its highest quality assets, serving mining.
It also noted that since the sale was announced, shares have rallied 48% vs the FTSE 350 engineering index up 16%. "It's clear the market has rewarded this strategic move,” it said.
Omega Diagnostics (ODX) shares soar 35.25% to 94p as company is reportedly selected for further COVID-19 tests
Shares in the London-listed firm were rallied on Monday after the UK healthcare company acknowledged a report published by the Financial Times which highlighted that Omega has been selected by the UK Department of Health to produce additional Covid-19 rapid tests.
It was reported that Omega Diagnostics, alongside SureScreen and Global Access Diagnostics have been chosen to produce up to 2 million lateral flow devices per day.
In a statement released today, Omega Diagnostics confirmed that the business is continuing to modify its Alva-based facility in order to “significantly” upscale its lateral flow test production capacity but refrained from confirming a signed deal with the UK government.
“When contracts or supply agreements are signed to utilise this capacity the Company will announce this in line with AIM disclosure obligations,” Omega told investors this morning.
Falanx Group (FLX) shares jump 29.63% to 1.75p after securing multiple contracts
Shares in the cyber security and strategic intelligence service provider have gained nearly 10% since Friday when the group announced several new contract wins and renewals.
Since November 2020, the Company said it has signed a further five new customers and expanded some existing contracts for Triarii, its enhanced cyber security monitoring service.
The Group said the new customers span a range of sectors, namely charity, financial services, pharma, defence and IT which it said demonstrates Triarii’s ‘universal appeal.’
In total, the order value across all of these contracts is in excess of £0.7m, of which around £0.4m will benefit the 2021 calendar year, Falanx revealed. It said its order pipeline ‘remains strong with similar prospective sales for both penetration testing and security monitoring.’
Online Blockchain (OBC) shares rose 22.08% to 47p as bitcoin reaches record high
Shares in the blockchain group - the technology at the heart of bitcoin - rallied after Tesla’s $1.5 billion investment in Bitcoin which sent prices in the cryptocurrency to a new record, rising as much as 16% to an all-time high of $44,795.20 according to Bloomberg data.
Cryptocurrency prices were pushed higher after Tesla’s Chief Executive Elon Musk unveiled the investment and revealed that he believes bitcoin is on the “verge of broad acceptance”.
In recent news, Online Blockchain recently raised £1m per share to fund additional new projects as well as enhance the deployment of Umbria, the Group’s new development project in decentralised finance which is anticipated to occur in the first quarter of 2021.
The proceeds will also support its existing crypto and blockchain-based products and are anticipated to satisfy its current working capital and development needs for the next year.
"We are very pleased to have received further support at this moment of high interest in Blockchain and DeFi (Decentralised Finance) projects,” CEO, Clem Chambers stated.
AO world (AO.) shares fell 5.59% to 316p as UK Government considers hitting online retailers with sales tax
Shares in the European online electrical retailer were down after the UK Government was reported to be considering an online sales tax and a separate raid on "excessive profits" for companies that have seen profits surge as a result of the ongoing COVID-19 pandemic.
Other retailers which are likely to be subject to possible windfall tax include online retailers such as Amazon and Asos, food delivery firms such as Ocado, as well big supermarkets.
The Times said treasury officials have summoned tech firms and retailers to a meet ahead of the budget to discuss how an online sales tax would work, according to leaked emails.
The British Retail Consortium has said that such a move would also hit physical retailers with online operations, but Tesco and other big retailers have supported the idea, it is reported.
AO has reported a ‘significant increase’ in the demand for its products amid the pandemic. It believes this has been compounded by the ongoing tailwinds driven by new working from home habits and increased use and appreciation of everyday essential electrical products.
Founder and Chief Executive Officer of AO World, John Roberts, recently highlighted that one of AO’s biggest achievements last year was to have its German business remain profitable throughout 3Q21. In fact, sales for 3Q21 increased 77.4% to €73.6 million.