“Trump trading” was well and truly back again this week following The Donald’s shock resounding win in the US presidential election last Tuesday. The mighty USD has been surging as has bitcoin and other cryptocurrencies that have their tail in the air with the re-ascendancy of Trump, an avowed crypto supporter. Blockchain, energy stocks and Tesla have also been running, with Tesla up nearly 45 per cent since the election. Telsa appears to be riding high on the back of the newfound bromance between major shareholder and uber-rich super-genius Elon Musk and the president elect.
Shortly after Trump won the presidential race, bitcoin started its own race, reaching for its all-time high this week of more than US$93,000 (AU$144,000).
It perhaps comes as no surprise then that this This week’s Bulls N Bears Runner of the Week is……… blockchain solutions company NoviqTech Ltd.
NoviqTech (NVQ) up 172% on blockchain placement
After closing at 2.2c last Friday, NoviqTech continued to muddle along on a flat trajectory all week, that is until the company went into a trading halt for a “strategic placement” on Wednesday. Noviq hit the boards again on Friday, sprinting out of the blocks to a high of 6c, up some 172 per cent from last week on news the successful capital raise to accelerate its “blockchain-powered solutions” has been supported by some rather influential crypto investors.
Noviq has a suite of products around data storage, tracking and reporting based largely on its ledger and blockchain technology. Its key offering is around carbon reporting, carbon tokenisation and the guaranteeing of the origin of green fuels and resources.
The latest placement, which was only for a little over $1 million dollars at 2c per share, has been widely publicised as being supported by notable blockchain investor, European politician and Australian professional poker player Antanas Guoga or for those who used to tune into the hit tv-show High Stakes Poker “TONY G”.
‘Tony G’ said on the X platform this morning: “I don’t invest in many companies in the Australian market. But could not resist the tech and team of Noviqtech. It’s going to be a fun journey to make blockchain work.”
And it would seem that Tony G has already had a bit of fun with his recent investment In Noviq already tripling in value – nice work if you can get it.
Caption - NoviqTech Ltd is a blockchain powered ledger and carbon footprint monitoring company capturing the attention of industry and crypto investors.
SelfWealth Ltd (SWF) up 136%
Taking out second spot on the Bulls N Bears Runner of the Week podium this week is sizzling stock swapping platform Selfwealth which shot up some 136 per cent this week from a close of 11c last week to a high of 26c on Thursday.
The suddenly popular online trading platform known for it’s competitive brokerage and user-friendly interface has received not one but two non-binding takeover offers from competing groups this week.
On Wednesday asx-listed services group Bell Financial tabled a takeover proposal for 22c in cash for Selfwealth, a proposal valuing the company at $51 million to which the Selfwealth board promptly replied, “yes please, take us!”
Not more than a day later the company received its second non-binding indicative proposal for the week, this time at 23c per share from AxiCorp Financial Services.
Axi is a privately owned global online brokerage firm focused on forex trading and contracts for difference. Axi indicated it is serious about the offer and is willing to negotiate and sign a binding implementation deed in an expedited manner.
It seems the impending bidding war for Selfwealth stimulated the market with the share price now trading above the proposed takeover prices and shareholders are left licking their lips in anticipation – the only question now is who’s ready to go again?
Cyclone Metals (CLE) up 84%
Landing in third place this week is Cyclone Metals which captured the attention of the market and the attention of Brazilian mining giant Vale with its Iron Bear magnetite iron ore project in Canada.
The share price is running this Friday on news Cyclone has signed a memorandum of understanding (MoU) with the South American iron ore giant for a strategic partnership over Iron Bear to accelerate its development.
Cyclone hit an intraday high of 3.5c on Friday on news of the substantial partnership, pushing it up more than 84 per cent from its close of 1.9c last Friday.
Vale says it will contribute up to US$18 million (AU$27.83 million) for feasibility studies, drilling and environmental work to earn an initial 30 per cent interest in the project. The company may then opt to launch towards a 75 per cent controlling interest in the project by taking Iron Bear to a decision to mine or spending US$120 million (AU$185.5 million), whichever comes first.
Cyclone is chaired by Perth dealmaker and occasional soccer fan Tony Sage and this isn’t Sage’s first rodeo. Back in 2008 he flogged a magnetite project to the Chinese for some $400m, having spirited it away from its previous owners just 18 months prior for the miserly sum of $20m.
Midway Ltd (MWY) up 66%
And the final Bulls N Bears Runner of the Week is Australian plantation wood fibre exporter Midway Ltd which hit a high of $1.28 on Thursday, representing a 66 per cent gain from its close of 77c last week.
Midway’s share price boost was kicked along by yet another takeover offer for the week, this time in the binding form by Australian fund manager River Capital at an offer price of $1.19 in cash per share.
River Capital manages over $1 billion spread across both listed and unlisted companies.
Midway’s fibre is used in recyclable paper, plastic replacement products and coal replacing energy generation in the Asian region.
And River’s offer is looking the goods too with the Midway board giving it the nod and recommending it to shareholders.
From blockchain to carbon tracking, all the way to deforestation and a bit of mining, this week’s Runners of the Week have come full circle on yet another rollercoaster week for the market. No doubt The Donald will claim responsibility for it all.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Andrew Todd
