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Diamond & Specialty Minerals Summary for March 24, 2020

2020-03-24 16:58 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was an eye-popping 140-17-145 as the markets rebounded sharply. The tidal surge lifted even the leaky TSX Venture Exchange, which added 29 points to 380, but polished diamond prices sank deeper, dropping another 0.5 per cent today. After eight years of being chained near the 20-cent mark, Ken MacNeill and George Read's Star Diamond Corp. (DIAM) remained free of its prison despite the ravages wreaked on the already battered diamond sector. Star added 1.5 cents to 23.5 cents on 172,000 shares today as it awaits a statement of defense from its would-be co-venturer -- and now its co-litigant -- on the FalCon diamond project in central Saskatchewan.

Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD) reclaimed three cents to 38 cents on 385,000 shares. As promised, the company revealed its annual financials after the close Monday, a week later than first planned because of COVID-19 travel restrictions and self-isolation requirements; delays that slowed the auditors to a crawl as they put the finishing touches on the report. As it turned out, investors might have preferred the wait, as Mountain Province reported a $128.75-million loss in 2019.

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