A good week for Clifford Elphick, a bad week for Ian Moir
Miner Gem Diamonds’ share price rose more than 10% after it recovered a 910-carat diamond at its Letšeng mine in Lesotho. It is believed to be the fifth-largest gem quality diamond ever recovered. CEO Clifford Elphick says that, since the company bought it in 2006, the mine has produced some of the world’s most remarkable diamonds, including the 603-carat Lesotho Promise. But "this exceptional top-quality diamond is the largest to be mined to date and highlights the unsurpassed quality of Letšeng", he says.
Woolworths CEO Ian Moir may have prepared investors for a poor outlook back in August, but a horror trading update from the retail darling of not long ago sparked a 6% slide in its share price. The company’s share has fallen 43%, from R105.66 in November 2015 to R59.40 on Tuesday. Group sales increased by a mere 2.5% in the half-year to Christmas Eve, which was below inflation of 4%-5%, dragged down by the local fashion, beauty and home division, where sales fell by 0.2% — worse than analysts had expected.