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Here’s why the Argo Blockchain (ARB) share price is surging
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Argo Blockchain(LSE:ARB) share price is back on the rise. After tumbling by 50% between March and April this year, the stock has since started to recover and is now trading at around 181p. What caused this sudden recovery? And should I be adding this business to my portfolio?
ARB share price surges on earnings
Since the last time I looked at Argo Blockchain, two primary developments have occurred. The first is a signed partnership with Navier Inc. Under this agreement, Navier will be developing a new mining facility for the business in Texas that can support an electrical capacity of up to 200MW. The firms will also be working together in adding new immersion technology that should increase the working lifespan of mining rigs and thus reduce Argo’s maintenance expenses.
FTSE 100 closes in the green but FTSE 250 loses ground as market searches new narrative
The UK s top share index finished up over 35 points, or 0.52%, at 6,895
FTSE closes up 35 points
Just Eat hit by competition plans in Germany
US stocks in the green
5pm: FTSE closes ahead
FTSE 100 closed in positive territory midweek as stock markets rebounded after Tuesday s falls.
The UK s top share index finished up over 35 points, or 0.52%, at 6,895, with pharma groups and tobacco giants making up some of the top risers.
The more domestically focused FTSE 250 went the other direction though, losing nearly 23 points, or 0.,10%, at 22,085.
Cheif market analyst at online trading group IG Chris Beauchamp noted that the market still seems in search of a new narrative and added that earnings season provides the potential for some more downside as companies find themselves struggling to spin a positive case to justify further appreciation in their stock prices .
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