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Diamond & Specialty Minerals Summary for May 3, 2019

2019-05-03 19:13 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 88-70-142 as the TSX Venture Exchange rose five points to 606 and polished diamond prices edged lower. Patrick Power's Arctic Star Exploration Corp. (ADD) was a busy trader again today, dropping one-half cent to eight cents on 8.72 million shares. There is no news to account for the trading, which has seen record volumes over the past week.

Stornoway Diamond Corp. (SWY), owned increasingly by the Government of Quebec and less so by Orion Mine Finance Inc., set a new low of 5.5 cents, ending the day off one cent to six cents on 5.42 million shares. The company says that it will release its first quarter results after the close on Monday, May 13. Such notices are usually routine, but with Stornoway, earnings heads-up notices have been akin to a captain of an out-of-control airplane barking: "Brace for impact!"

Stornoway's most recent crash came in late March, when it revealed that it had lost $330-million in 2018. Its stock slumped to a low of six cents in April, after the company's new president and chief executive officer, Patrick Godin, said that Stornoway was continuing to evaluate the options available to improve its balance sheet. (The company's lenders can expect some frantic calls.)

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