Stock roundup: MGC Pharmaceuticals and Argo Blockchain riding highs

Posted: 22 February 2021 11:33 am
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The blockchain and cannabis stocks may be riding the retail investor wave.

With retail interest in the stock market at an all-time high and fuelled by millennial-driven investing communities like Reddit’s WallStreetBets, it’s no real surprise that disruptive, tech-driven stocks are enjoying a moment in the sun.

New kid on the block(chain)

After months of impressive stock growth, Argo Blockchain has announced it had secured a deal with ePIC Blockchain Technologies to get priority access to ePIC’s crypto mining rigs. It has also agreed an initial purchase of $8m (about £5.7 million) of mining machines, which will be delivered in the last quarter of 2021.

The London-based blockchain and cryptocurrency mining company recently passed a market cap of £1 billion, as stock investors clamour for exposure to crypto stocks. ARB shares have seen a rise of more than 5000% from their October low of 4.45p, and are now trading around £2.80.

Can-do cannabis

Australian company MGC Pharma (MXC) became the first cannabis-focused stock to ever list on the main market of the London Stock Exchange on 9 February, on the back of a year of impressive growth. MXC stocks were up more than 400% over the last quarter, after it announced it had entered an agreement with Swiss PharmaCan AG to sell and distribute its anti-inflammatory medicinal cannabis supplement line.

It’s one of a number of cannabis companies that has found recent IPO success on the LSE, along with Israeli-based vaporisation firm Kanabo Group, which saw its own shares rocket over 200% on its first full day on the London markets.

This article offers general information about investing and the stock market, but should not be construed as personal investment advice. It has been provided without consideration of your personal circumstances or objectives. It should not be interpreted as an inducement, invitation or recommendation relating to any of the products listed or referred to. The value of investments can fall as well as rise, and you may get back less than you invested, so your capital is at risk. Past performance is no guarantee of future results. If you're not sure which investments are right for you, please get financial advice. The author holds no positions in any share mentioned.

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