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Diamond & Specialty Minerals Summary for Aug. 2, 2019

2019-08-02 17:31 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a 68-68-157 draw as the TSX Venture Exchange rose four points to 595 and polished diamond prices edged higher. David Pathe's Sherritt International Corp. (S) closed unchanged at 23 cents on 1.22 million shares. Sherritt, a $10 stock -- almost -- eight years ago, has crawled off its 16.5-cent low of a month ago, despite losing $90.4-million in its second quarter. Slumping cobalt prices, lower nickel prices and problems collecting money from the Cubans all contributed to the company's woes.

Grenville Thomas and Kenneth Armstrong's North Arrow Minerals Inc. (NAR), down one-half cent to 6.5 cents on 89,000 shares, has raised some cash -- not enough for its wish list of activities but enough to keep its core projects alive. The company sold 17.9 million shares at seven cents, raising $1.25-million, helped by the company's insiders and advisers who bought 10 million of the shares. (Mr. Thomas, the company's chairman, bought 1.72 million shares. He now owns 12.3 million, about 11.1 per cent of North Arrow's stock.)

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