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Diamond & Specialty Minerals Summary for Nov. 6, 2019

2019-11-06 21:56 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a ho-hum 58-68-174 as the TSX Venture Exchange fell fractionally to 538. Rough diamond prices had a good week, gaining 0.23 per cent according diamantaire Paul Zimnisky's index. Prices are up about 0.4 per cent over the past month, although the early October calculation was the multiyear low. Prices remain 6 per cent below where they were in early spring and are 6 per cent lower than last fall. Worse, rough is down more than 12 per cent in the past five years and prices are more than 25 per cent lower than they were in 2011.

Soft rough diamond prices took their toll on Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD). The stock, $1.30 on Monday dipped to $1.11 at the close Tuesday, just ahead of the company's third quarter financials. The results could have been worse, in the minds of investors, it appears, as Mountain Province regained 10 cents to $1.21 on 131,000 shares today.

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