Petra shares jump most since July on higher diamond production
First-quarter production rose 30% from a year earlier to 1.1-million carats as the company mined higher-grade material at its Finsch and Cullinan mines in SA
London — Petra Diamonds jumped the most in more than three months as diamond production increased and prices for gems held firm despite industry expectations of a weaker period. Petra rose as much as 8.5%, the steepest intraday advance since July 4. The shares traded at 148.50p as of 10:17am in London, extending gains to 70% this year. First-quarter production rose 30% from a year earlier to 1.1-million carats as the company mined higher-grade material at its Finsch and Cullinan mines in SA, Petra said in a statement Monday. Sales were $94.7m in the period and the full-year target of 4.4-million carats to 4.6-million carats was maintained. "For the last three years, we’ve been stuck in this 3-million carat production cycle. Now, the capital programme is starting to show its first fruits," CEO Johan Dippenaar said by phone. "The firmness of the market is also pleasing." Petra said the market is "holding firm" and prices match levels from the first half of 2016, showing that the diamo...
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