• Most Popular
  • Most Shared

STOCKS NEWS EUROPE-Gem Diamonds up on positive update

Tue May 19, 2009 5:11am EDT

Stocks

   

Shares in Gem Diamonds (GEMD.L) rise 2.8 percent after the company issues its latest update, with FinnCap bullish on its outlook as the firm focuses on cost-cutting and bolstering its balance sheet to combat the downturn.

FinnCap says: "The company is focusing on its flagship Letseng mine in Lesotho where production appears to have hit a sweet spot ... Rough diamond prices from Letseng continue to hold up well."

The broker adds that "Gem is well placed for a recovery in the lower end of the diamond market but it is too soon to tell when this recovery will start to emerge". FinnCap keeps a "hold" rating on the stock.

For more double click on [ID:nRnsS4594S]

Reuters Messaging rm://david.brett.reuters.com@reuters.net


More from Reuters

A Greenpeace activist dressed as one of the "Four Horsemen of the Apocalypse" rides outside the parliament building during a brief protest in Copenhagen December 13, 2009. REUTERS/Christian Charisius

The face of climate protest

Protesters around the globe called for an end to global warming as climate talks in Copenhagen entered their sixth day.  Video 

    Climate conference
    President Barack Obama (R) meets with financial services industry leaders in the Roosevelt Room of the White House in Washington December 14, 2009. REUTERS/Larry Downing

    Obama takes "fat cats" to task

    Backed by Americans outraged by multi-billion dollar bailouts, President Obama met with a dozen of Wall Street's top bankers in a bid to crack down on the so-called "fat cats" largely held responsible for the financial crisis.  Full Article 

    Executive Compensation
    Lockheed Martin Chief Executive Robert Stevens answers a question during the Reuters Aerospace and Defense Summit in Washington December 14, 2009. REUTERS/Molly Riley

    Lockheed eyes deals

    The future demands of cybersecurity make that sector one of many the aerospace giant sees as an acquisition target in the coming year.  Full Article 

    Aerospace and Defense Summit