The was an understandable initial markdown for shares of crypto miner Argo Blockchain (ARB), even though perhaps in the scheme of things whether Tesla (TSLA) accepts Bitcoin from its clients or not going to be material to the cause of crypto currencies in a significant way. Indeed, some in the market were suggesting the reason for the U turn by Elon Musk’s electric vehicle group was simply because there were no takers for the option of paying in BTC, rather than the environmental / ethical excuse given. Indeed, it was recently reported that Tesla’s position in Bitcoin has been rather more profitable than its normal EV activity. As far as Argo’s share price performance, it was noticeable that the stock managed to pare its losses and close well above last month’s support at 125p.
It has been evident in recent years that being online in most sectors is a smart move, with the estate agency area being one of the big winners. Plenty of disruptors have entered the fray in the wake of Rightmove (RMV). However, the majority agent owned player OnTheMarket (OTMP) provides a different spin in terms of arguably being in the poacher turned gamekeeper mode. The latest here is it has signed a commercial partnership with data specialist Sprift Technologies. OnTheMarket will be able to provide its agent customers with free Market Appraisal Guides which are powered by the Sprift platform via OTM Expert. The idea here is that agents will be able to secure more valuations and win more instructions. It remains to be seen whether it may be able to boost their popularity with the public. In the meantime, shares of OnTheMarket were up 4p to 89p.
Shares of alternative proteins group Agronomics (ANIC) were in steady form after the company announced a purchase of 117 shares, worth €195,632, in existing portfolio company Meatable. Agronomics now holds 4,859 shares, representing an unrealised gain on cost of €2.95 million, following Meatable's completion of its US$ 47 million Series A financing announced in March. Earlier this week shares of Agronomics were under pressure in the wake of a massive £50m fundraise at 22p. Interestingly, the lowest the stock has traded since is 23p. Normally, it is quite a bullish near term sign for a company when support comes in at or above the placing price. Shares of Agronomics peaked at 41.5p earlier this month.
Shares of internet of things specialist Tern (TERN) closed up 1p to 21p, to leave them at their best level since the end of 2018. Tern bulls seem keen to prove that the incessant stone throwing by those short of the stock will finally be seen off with an extended re-rate of the company. While such attacks normally end without apology, it will be interesting to see whether the positive aftermath of a May 4 investor webinar featuring presentations by Tern's portfolio companies, Wyld Networks, InVMA and Talking Medicines, continues to support sentiment around the shares.