RE: WTF Over24 Sep 2024 14:25
I went through financial results again and listened again to the results presentation don’t see anything or worry. They have cash pile. 54.7m of unused debt facility if required. They said about extending one credit facility of which they have drawn down 8m of 30m available (the one for negotiation end of this year) but they don’t really need that and could pay it all off.
They keep finding large stones. I can only think that the “seller” straight after results put the fear in. It could be that there is a large sell order still being worked if they are indeed getting out and that is still on going and we will see one huge print. Or they may have stopped completely and it’s just the market being dull.
Open to other thoughts. Strange bid and ask at moment can sell volume at 11.13 but letting you buy at 11.125. I took 1k worth as I have been slowly adding here with a low 11 average now.
Petra diamonds have their results today and ceo said that he thinks diamond prices have bottomed now and expects to see recovery in 2024. I looked at diamond prices for different carats and those below 3 carats have just plateaued but those over 3 carats value on the index are starting to tick up.
These coming months are usually good for diamond market with Diwali, Xmas, new year and Chinese new year. The Chinese stock market flew over night with added Chinese stimulus which will help and with interest rates falling that to should help the diamond market and costs for gemd.
Bit of a ramble post but just what I have read up on and seen.
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