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Highlights
- The IHS Markit/CIPS purchasing managers index for the service sector was at 59.1 in October 2021, up from 55.4 in the previous month.
- Service PMI is an important leading microeconomic indicator which many traders and investors closely follow.
The UK’s services PMI which measures the service sector’s activity level came in better than expected as its reading was revised upward in October 2021. The IHS Markit/CIPS purchasing managers index for the service sector was at 59.1, up from 55.4 in the previous month and above the market forecast of 58.
The latest reading of service PMI is the highest since July 2021, indicating a strong recovery pace. The reopening of the economy and ease in travel restrictions on international routes has contributed to higher demand. Also, new exports sales increased during the period.
Service PMI is an important leading microeconomic indicator that many traders and investors closely follow as managers usually have early access to their company’s performance information. PMI reading above the forecast is generally considered good for the economy and leads to positive sentiments in the stock market.
© 2021 Kalkine Media
Let us look at FTSE listed stocks that are in focus today:
Valirx Plc (LON:VAL)
The pharmaceutical company focuses on the development of anti-cancer novel therapeutics for the patient. It carries out clinical trials for various other drugs as well. FTSE-AIM listed company has signed a non-binding letter of intent with the US-based TheoremRx Inc, a next-generation drug development firm.
As part of the agreement, the company will licence its leading drug VAL201 to TheoremRx Inc. to develop a cancer treatment. As per early estimates, the deal’s total value could be around USD 61 million-plus royalties following the successful development of treatment after the clinical trials. The company expects the first payment from the agreement by the end of 2021.
Valirx Plc currently trades at GBX 37.25 on 3 November 2021 at 12:05 pm GMT+1 with a market cap of £21.79 million.
Argo Blockchain Plc (LON: ARB)
The cryptocurrency mining company is engaged in Bitcoin mining using a sustainable and environmentally friendly energy source. The company reported record revenue in the three months ended 30 September 2021. It mined 597 Bitcoins generating a revenue of USD 26 million. Also, to further expand its mining capacity, the company is in the process to setup new 200 MW mining facility in Texas. The company has mined 1,836 Bitcoins as of 30 September 2021.
Argo Blockchain Plc currently trades at GBX 126.05 on 3 November 2021 at 12:05 pm GMT+1 with a market cap of £593.19 million.
Omega Diagnostics Group Plc (LON: ODX)
The medical equipment company manufactures test kits for different infectious diseases. It operates through three segments: global health, allergy, and food intolerance. The company provides different diagnostics products, including the Covid-19 antigen test, to more than 70 countries. The company has signed an agreement and has partnered with DAM Health Limited to supply its Covid-19 Antigen tests kits to the DAM network of clinics in the UK and Europe. DAM has a network of over 100 clinics and does close to 200,000 Covid tests per month. The Covid-19 test kit developed by Omega Diagnostics has received a positive response and has an accuracy of over 96%, as per the testing authority.
Omega Diagnostics Group Plc currently trades at GBX 47.05 on 3 November 2021 at 12:05 pm GMT+1 with a market cap of £88.13 million.
